The Deal is Done: Victory Tower of Takoma Park, MD

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AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $8,900,000 mortgage under the 223(f) refinance program of Victory Tower in Takoma Park, MD. Built in 1971 and renovated in 2004/2005, this affordable senior and non-elderly disabled (NED) apartment community features 187 units in a twelve-story building. Amenities include a leasing office, community room with a kitchen, laundry room, a fitness center, and a dining room. All but four units are covered under two separate long term HAP contracts. Additionally, all of the units are income restricted based on legacy deed restrictions, limiting rents to 50% and 60% AMI households.

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

Borrower: Takoma Tower, L.P.

Sponsor/Co-Sponsors: Victory Housing, Inc.

Property Management: Habitat America, LLC

Borrower’s Counsel: Furey, Doolan & Abell, LLP

Architect: Soto Architecture and Urban Design, PLLC

Surveyor: Dewberry Engineers Inc.

Mortgage Insurance Provider:

  • Regional Center & Satellite Office: New York HUD

  • Closing Office: Washington, D.C. HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Kennerly, Montgomery & Finley P.C.

Title Company: Potomac Title Corporation

Appraiser: Principle Valuation & Advisory Group

Capital Needs Assessment, E-Tool: AEI Consultants

Environmental Studies & HEROS: AEI Consultants

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.