The Deal is Done: Westminster Properties II in North & South Carolinas

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AGM recently closed nine refinance loans totaling over $29,000,000 for a portfolio of properties located across North Carolina and South Carolina. The properties range in size from 28 to 120 units and total up to more than 560 apartments. These projects are largely garden-style walk-up apartments with Section 8 contracts. Four of the nine properties are targeted towards elderly families. Using HUD's Section 223(f) program, AGM obtained FHA-insured mortgages for each property, which are all non-recourse and fully amortizing at a fixed interest rate.

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

Sponsor/Co-Sponsors: Westminster Company

Property Management: Westminster Company

Borrower’s Counsel: Parker Poe Adams & Bernstein LLP

Appraiser: Newmark Knight Frank Valuation & Advisory, LLC

Surveyor: AECOM; Borum, Wade and Associates, P.A.

Mortgage Insurance Provider:

  • Regional Center: Atlanta HUD

  • Satellite & Closing Office: Greensboro HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: Chicago Title Insurance Company (South Carolina); Old Republic National Title Insurance Company (North Carolina)

Capital Needs Assessment, E-Tool: Dominion Due Diligence Group (D3G)

Environmental Studies & HEROS: Dominion Due Diligence Group (D3G)

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.

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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.