The Deal is Done: The Pointe at Pickett Farm, Norfolk, VA

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AGM Financial Services, Inc. is proud to announce the successful refinance of The Pointe at Pickett Farm located in Norfolk, VA. The multi-family community was originally built in two phases in 2015 and 2016 with HUD insured financing and Low Income Housing Tax Credits (LIHTC). The property contains 300 total units and has a range of income restrictions for households earning 60% of area median income (AMI) and below. The community was recently refinanced with two separate HUD-insured Section 223(a)(7) mortgages, one for each phase. Phase I had a mortgage amount of $8,712,700 and Phase II had a mortgage amount of $14,363,800. The refinance of the existing mortgages reduced the fixed interest rate while extending the term of the mortgages back to the original term of 40 years.

We want to thank everyone who made this closing a success:

Borrower Phase I: Pickett Farms Apts., L.P.

Borrower Phase II: Quill Apts., L.P.

Sponsor & Property Management: The Franklin Johnston Group

Borrower’s Counsel: Williams Mullen

Surveyor: Hassell & Folkes, P.C.

Mortgage Insurance Provider

  • Regional & Closing Office: New York HUD

  • Satellite Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: BridgeTrust Title Group

Rent Comparability Study: Peter S. Eckert & Company, Inc.

Capital Needs Assessment & HEROS: EBI Consulting

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

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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.