The Deal is Done: Rosemont of Baltimore, MD

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AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $11,139,700 mortgage for the substantial rehabilitation of 106 apartments located in Baltimore, Maryland. The property was originally built in 1975 and consists of 14 residential buildings plus a former recreation center that will be repurposed to house the all new clubhouse and management office. This 100% Section 8 property will undergo a RAD conversion, allowing nearly $200,000 per unit in renovations.  Financed using FHA Mortgage Insurance, 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works Funds, MEEHA – EmPower Funds, and Partnership Rental Housing funds.

Borrower: Telesis Baltimore Corporation

Sponsor/Co-Sponsors: Telesis Baltimore Corporation

General Contractor: Southway Builders, Inc.

Property Management: Neighborhood Partners, LLC

Borrower’s Counsel: Gallagher Evelius and Jones LLP

Architect: Moseley Architect P.C

Rent Comparability Study: Southway Builders, Inc.

Civil Engineer: KCW Engineering Technologies, Inc.

Surveyor: Mathew C. Zane

Mortgage Insurance Provider:

  • Regional Center: New York HUD

  • Satellite & Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Vorys, Sater, Seymour and Pease LLP

Title Company: Chicago Title Insurance Company

Appraiser: Valbridge Property Advisors

Capital Needs Assessment, E-Tool: JPS & Associate Inc.

A&E/Cost Reviewer: JPS & Associate Inc.

Environmental Studies & HEROS: Urban Green Environmental

To see how AGM can make your deal work for you, contact AGM’s Origination Team.

About AGM Financial

AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.

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Steve Rudow

Steve joined AGM in 2001 and is a HUD-approved underwriter who has transitioned to loan origination. During the 2015-16 academic year, Steve served as an Adjunct Professor for the University of Maryland’s Colvin Institute of Real Estate Development, co-teaching the Market Analysis and Valuation courses. Steve is also an Instructor for the Mortgage Bankers Association’s FHA Multifamily Underwriting Training Program, teaching a course entitled Valuation Analysis & Investment Mathin 2013-18. Before joining the AGM team, he was a senior underwriter in the Bank of America CMBS conduit program. Previously, Steve was a commercial real estate appraiser and consultant, earning the MAI designation in 1992. Steve received a Liberal Arts BA in 1985 from St. Johns College, Annapolis, MD. Steve’s wonderful daughter is a graduate of Hood College.