The Deal is Done: The Cascades of Frederick, MD
/AGM Financial Services, Inc. is proud to announce the successful closing of a $24,250,000 mortgage for the new construction of Cascades of Frederick located in Frederick, Maryland. AGM financed this affordable senior apartment community with a 40-year FHA-Insured mortgage under the Section 231 program. Located on 7.45 acres of land, this four-story, elevator served building will provide 151 apartments. All of the community’s units will be restricted to households whose incomes are at or below 60% of area median income under the federal 4% tax credit program. The amenity package includes a multipurpose community room, a pet spa, library/business center, billiards lounge with TV, a fitness room, and open patio/courtyard.
We want to thank everyone who made this closing a success:
Borrower: The Cascades Senior Living, LLLP
Sponsor: Community Housing Initiative, Inc.
General Contractor: Morgan-Keller, Inc.
Property Management: Habitat America, LLC
Borrower’s Counsel: Carney, Kelehan, Bresler, Bennett & Scherr LLP
Architect: Retnauer Baynes Associates, LLC
Appraiser: Metzbower, Watts, & Hulting
Market Analyst: Real Property Research Group
A&E/Cost Reviewer: JPS & Associates, Inc.
Civil Engineer & Surveyor: Colliers Engineering & Design
Mortgage Insurance Provider
Regional Center: New York HUD
Satellite & Closing Office: Baltimore HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Kennerly Montgomery & Finley, P.C.
Title Company: Carney, Kelehan, Bresler, Bennett & Scherr LLP
Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
Environmental Studies & HEROS: AZ-RI Consultants
Bond Issuer: Maryland Department of Housing and Community Development
Issuer’s Counsel: Kutak Rock
Bond Underwriter: Stifel, Nicolaus & Company
Underwriter’s Counsel: Tiber Hudson LLC
Tax Credit Syndicator: Alliant Capital, Ltd.
Borrower’s Advisor: Cloverhill Advisors, LLC
Bridge Lender: Fulton Bank
To see how AGM can make your deal work for you, contact AGM’s Origination Team.
About AGM Financial
Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — 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. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
