The Deal is Done: Monticello Station, Norfolk, VA

AGM Financial Services, Inc. is proud to announce the successful closing of a $30,667,500 mortgage for the refinance of Monticello Station located in Norfolk, Virginia. Originally built in 2011 with FHA-Insured financing through AGM, this Class A four-story, elevator-served apartment community provides 121 market-rate units. The property also features first floor retail anchored by 7-Eleven, Sushi King, and Buffalo Wild Wings. Amenities include a pool, fitness center, conference room, garden-style courtyard, and structured parking. AGM obtained a new HUD insured mortgage under the 223(a)(7) refinance program which reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years, resulting in substantial savings for the owner.

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

Borrower: SLNWC ResidentialCompany, L.L.C.

Sponsor: Nusbaum Associates L.P.

Property Management: SL Nusbaum Realty Co.

Borrower’s Counsel: Willcox & Savage, P.C.

Mortgage Insurance Provider:

• Regional Center: New York HUD

• Satellite Office: Baltimore HUD

• Closing Office: Washington D.C. HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: Bridge Trust Title Group

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

Environmental Studies & HEROS: AEI Consultants

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

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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.

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.

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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.

The Deal is Done: Arden Place Apartments in Charlottesville, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $39,200,000 mortgage for the refinance of Arden Place Apartments located in Charlottesville, VA. AGM obtained this FHA-Insured mortgage under the 223(f) refinance program. The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage to 35 years. The property is an existing 212-unit market-rate multi-family apartment community. Originally built in 2011 with HUD-insured financing, the property consists of six separate three- and four-story garden walkup apartment buildings, a carriage home, and a clubhouse building. This upscale apartment community has a two-level clubhouse building, which includes a great room with fireplace, property leasing office, fitness center, internet café with Wi-Fi and free Starbucks coffee pods, kids’ recreation area, full swing golf simulator, playground, fenced dog park and bathroom/locker facilities. A custom designed swimming pool is immediately behind the clubhouse which includes a sundeck. 

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

Borrower: Arden Place Associates, LLC

Sponsor/Co-Sponsors: Coleway Development LLC

Property Management: Grady Management Inc.

Borrower’s Counsel: Buchanan Ingersoll & Rooney PC

Surveyor: Commonwealth Land Surveying, LLC

Mortgage Insurance Provider: New York HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC 

Title Company: Fidelity National Title Insurance Company

Appraiser: Peter S. Eckert & Company, Inc.

Capital Needs Assessment, E-Tool: EBI Consulting

Environmental Studies & HEROS: EBI Consulting

Green/Energy Consultant: EBI Consulting

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

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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.

The Deal is Done: Somerset Apartments in Silver Spring, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $7,780,700 mortgage for the refinance of Somerset Apartments located in Silver Spring, Maryland. AGM originally financed this 99-unit affordable apartment community in 2001 with a Section 221(d)(4) loan when it was renovated with 4% LIHTC and tax-exempt bonds. The property was refinanced by AGM under Section 223(a)(7) in 2011, and it was recently refinanced again using the Section 223(a)(7) program to reduce the fixed interest rate while extending the term of the mortgage to 33 years. The property consists of three separate three-story garden walkup apartment buildings. Ninety percent of the units are restricted to households whose incomes are at or below 60% of area median income, and the remaining units have affordable rents by choice of the owner.

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

• Borrower: Somerset Development, LLC

• Sponsor/Co-Sponsors: Franklin Capital Group

• Property Management: Cove Property Management

• Borrower’s Counsel: Saul Ewing Arnstein & Lehr LLP

• Rent Comparability Study: Principle Real Estate Companies

• Mortgage Insurance Provider:

1. Regional Center: New York HUD

2. Satellite Office: Baltimore HUD

3. Closing Office: Washington D.C. HUD

• Mortgage Backed Securities: GNMA

• Lender’s Counsel: Krooth & Altman LLP

• Title Company: Community Settlement Group, LLC

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

• Environmental Studies & HEROS: AEI Consultants

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

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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.

The Deal is Done: Crescent Landing Apartments in Greenville, SC

AGM Financial Services, Inc. is proud to announce the successful closing of a $8,201,400 mortgage for the refinance of Crescent Landing Apartments in Greenville, South Carolina. This existing 175-unit affordable multi-family apartment community was originally built in 1973 and renovated in 2013 with HUD-insured financing, the property consists of 22 garden and townhome-style apartment buildings. All of the community’s units have income restrictions for households earning up to 60% of area median income (AMI). AGM obtained a FHA-Insured mortgage under the 223(a)(7) refinance program. The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 37 years.

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

• Borrower: New Crescent Landing Apartments L.P.

• Sponsor/Co-Sponsors: Franklin Capital Group

• Property Management: AMCS, Inc.

• Borrower’s Counsel: D. Carlyle Rogers, Jr., P.C.

• Rent Comparability Study: Integra Realty Resources

• Mortgage Insurance Provider:

  • Regional Center: Atlanta HUD

  • Satellite Office: Jacksonville HUD

  • Closing Office: Greensboro HUD

• Mortgage-Backed Securities: GNMA

• Lender’s Counsel: Krooth & Altman LLP

• Title Company: First American Title

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

• Environmental Studies & HEROS: AEI Consultants

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

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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.

The Deal is Done: The Bonifant in Silver Spring, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $14,418,100 mortgage for the refinance of The Bonifant located in Silver Spring, Maryland. This existing 149-unit affordable senior apartment community was originally financed with 4% LIHTC/tax exempt bonds and a FHA-Insured Section 221(d)(4) loan provided by AGM in 2015. The property consists of one, eleven story high-rise apartment building. Of the community’s 149 units, 139 are restricted to households whose incomes are at or below 60% of area median income. The remaining 10 units are market rate. All units are age restricted to 62+ head of household. The amenity spaces include a secure access-controlled entry, lobby with concierge and reception desk, on site leasing and management offices, business center with high-speed internet access, tenant services coordinator office and two access-controlled tower elevators. The second level features a conference room, multi-purpose community area, a fitness center, and an outdoor terrace with green space. AGM obtained a HUD insured mortgage under the 223(a)(7) refinance program. The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

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

• Borrower: Silver Spring Library Residences LP

• Sponsor/Co-Sponsors: Montgomery Housing Partnership

• Property Management: Humphrey Management

• Borrower’s Counsel: Klein Hornig LLP

• Rent Comparability Study: Principle Real Estate Companies

• Mortgage Insurance Provider:

  • Regional & Satellite Office: New York HUD

  • Closing Office: Baltimore HUD

• 3rd Party Underwriter: Grove Street Investment, LLC

• Mortgage-Backed Securities: GNMA

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

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

• Environmental Studies & HEROS: AEI Consultants

• Title Company: CCN Agency Primus, LLC, dba Community Title Network

• Surveyor: Soletesz

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

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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.

The Deal is Done: The Fred Apartment Homes in Frederick, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $35,500,000 mortgage for the refinance of The Fred Apartment Homes located in Frederick, MD. An existing 240-unit affordable multi-family apartment community located in Frederick, Maryland. AGM obtained a HUD insured mortgage under the 223(a)(7) refinance program. The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years. This property was originally built in 2018 with HUD-insured financing, the property consists of seven separate four-story garden walkup apartment buildings and a clubhouse building. All of the community’s units are restricted to households whose incomes are at or below 60% of area median income. The amenity package includes an on-site management office, a clubhouse, lounge, swimming pool, and fitness center. 

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

• Borrower: SLN Waverley View, L.P.

• Sponsor: Nusbaum Associates, L.P.

• Property Management: SL Nusbaum Realty Co.

• Borrower’s Counsel: Willcox & Savage, P.C.

• Rent Comparability Study: Principle Real Estate Companies

• Surveyor: Harris, Smariga & Associates, Inc.

• Mortgage Insurance Provider:

  • Regional& Satellite Office: New York HUD

  • 3rd Party Underwriter: Grove Street Investment, LLC

  • Closing Office: Baltimore HUD

• Mortgage Backed Securities: GNMA

• Lender’s Counsel: Reno & Cavanaugh PLLC

• Title Company: BridgeTrust Title Group

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

• Environmental Studies & HEROS: AEI Consultants

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

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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.

The Deal is Done: The Reserve at Stoney Creek - Phase I in Pasadena, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $14,245,100 mortgage for the refinance of The Reserve at Stoney Creek - Phase I located in Pasadena, Maryland. AGM obtained a HUD-insured mortgage under the 223(a)(7) refinance program which reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years. This 90-unit, market rate apartment community was built in 2011 with HUD-insured financing obtained by AGM. The property consists of three separate four-story elevator-serviced apartment buildings with parking garages built into the first floor. The community’s amenity package includes a pool, a fitness center, and central clubhouse which are shared between Phases I and II.

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

• Borrower: Stoney Creek Phase 1 LLC

• Sponsor/Co-Sponsors: The Dolben Company/Klein Enterprises

• Property Management: Dolben Management Company

• Borrower’s Counsel: Carney, Kelehan, Bresler, Bennett & Scherr LLP

• Mortgage Insurance Provider:

  • Regional Center: New York HUD

  • Satellite & Closing Office: Baltimore HUD

• Mortgage Backed Securities: GNMA

• Lender’s Counsel: Reno & Cavanaugh PLLC

• Title Company: Residential Title & Escrow Company

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

• Environmental Studies & HEROS: AEI Consultants

• Green/Energy Consultant: EBI Consulting

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

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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.

Transformative Baltimore Project completed with HUD Support and first mortgage originated by AGM

HUD recently announced the completed construction of Marshall Gardens in Baltimore, Maryland. This project was sponsored by The Community Builders, Inc., a leading non-profit affordable and mixed-income housing developer.

This affordable multifamily development was made possible through a HUD insured loan along with 9% LIHTC and several supplemental loans (details in HUD’s Press Release). The community contains 87 units located throughout three city blocks, including five fully rehabbed row houses plus the new construction of 27 rental apartments and 55 row homes.

Additional details in HUD’s Press Release here.

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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.

The Deal is Done: Stone Pointe Apartments in Woodbridge, VA

AGM Financial Services, Inc. is proud to announce the successful closing of a $59,500,000 mortgage for the refinance of Stone Pointe Apartments located in Woodbridge, VA. The HUD-insured Section 223(f) loan has a 35-year term at a fixed interest rate. Stone Pointe Apartments consists of 288 Class A apartments within four separate four- and five-story elevator-serviced apartment buildings, a clubhouse building, and an extensive amenity package including a swimming pool, club room, media room, fitness gym, and structured parking.

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

Borrower: Stone Pointe LLC

Sponsor: Penzance

Property Management: Gates, Hudson & Associates, Inc.

Borrower’s Counsel: Reno & Cavanaugh PLLC

Surveyor: Potomac Heights One, LLC & Potomac Heights Two, LLC

Mortgage Insurance Provider:   

• Regional Center & Satellite Office: New York HUD

• Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: Fidelity National Title Insurance Company

Appraisal: Metzbower, Watts, & Hulting, LC

Green Energy Consultant: EBI Consulting

Environmental, Capital Needs Assessment & E-Tool: EBI Consulting

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

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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.

The Deal is Done: Adams Crossing Apartments I in Waldorf, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $22,682,000 mortgage for the refinance of the Adams Crossing I Apartments community located in Waldorf, Maryland. The HUD-insured Section 223(a)(7) refinance reduced the fixed interest rate while extending the mortgage to its original term of 40 years. Adams Crossing I Apartments was originally built in 2015 with HUD-insured financing and Low Income Housing Tax Credits (LIHTC). It contains 192 units across eight separate three-story garden walkup apartment buildings and a clubhouse building. The community’s units are all restricted to households whose incomes are at or below 60% of area median income.

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

Borrower: Adams Crossing Associates, LLC

Sponsor: Castle Development Partners, LLC

Property Management: Grady Management, Inc.

Borrower’s Counsel: Buchanon Ingersoll & Rooney PC

Surveyor: Lorenzi, Dodds, and Gunnill, Inc.

Mortgage Insurance Provider:   

• Regional Center: New York HUD

• Satellite & ClosingOffice: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: Commonwealth Land Title Insurance Company

Rent Comparability Study: Metzbower, Watts, & Hulting, LC

Capital Needs Assessment, E-Tool, and HEROS: EBI Consulting

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

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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.

The Deal is Done: News Hope Properties in Hopkinsville, KY

AGM Financial Services, Inc. is proud to announce the successful closing of a $28,650,000 HUD-insured Section 221(d)(4) mortgage in conjunction with HUD’s Rental Assistance Demonstration (RAD) Section 18 Demolition/Disposition Blend for the renovation of New Hope Properties in Hopkinsville, Kentucky. The community includes 144 one- and two-story residential buildings containing 1-, 2-, 3-, 4-, and 5-bedroom units types totaling 454 residential units across nine scattered sites. All of the community’s units are covered under a long-term Project-based Section 8 contract and will be restricted to households earning either 50% or 60% of area median income (AMI). Additional sources included 4% LIHTC equity, a Kentucky Housing National Housing Trust Fund loan, and a Capital Funds Loan from the Housing Authority of Hopkinsville.

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

Borrower: New Hope Properties, LLLP

Developer: TCG Development

Developer: Housing Authority of Hopkinsville

General Contractor: Clayton Watkins Construction Company, Inc.

Property Management: Housing Authority of Hopkinsville

Borrower’s Counsel: Klein Hornig, LLP

Housing Authority Counsel: Foster, Soyars & Associates, PLLC

Architect: REB Architects

Appraiser: Everson, Huber & Associates, LC

A&E/Cost Reviewer: JPS & Associates, Inc.

Surveyor: Crowe – Wheeler and Associates

Mortgage Insurance Provider:   

• Regional & Satellite Center: Atlanta HUD

• Closing Office: Miami HUD

Mortgage Backed Securities: GNMA

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

Title Company: Old Republic National Title Insurance Company

Environmental Studies & HEROS: Dominion Due Diligence Group

Bond Issuer: Kentucky Housing Corporation

Issuer’s Counsel: Dinsmore & Shohl LLP; Kutak Rock LLP

Bond Underwriter: Stifel, Nicolaus & Company, Inc.

Underwriter’s Counsel: Tiber Hudson

Tax Credit Syndicator: Ohio Capital Corporation for Housing

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

Congratulations to Maryland DHCD

Congratulations to Maryland DHCD as they approach their 100th Rental Housing Works Project!

Rental Housing Works (RHW) is a vital source of secondary debt for the development and renovation of affordable housing communities across the state. In addition, RHW developments create a large number of new jobs both during and after construction, helping to keep Maryland’s economy strong. RHW provides gap financing of up to $2,500,000 per project for tax credit transactions which use DHCD’s Multifamily Housing Bond Program.

RHW has injected $193 million into almost 100 affordable housing communities with total project costs of nearly $2.3 billion. The program has created about 18,500 jobs and close to 10,000 units of high quality affordable housing in 18 counites and the City of Baltimore. AGM is proud to have financed nearly 1 in 5 RHW projects with low interest, non-recourse FHA-insured mortgages.

We look forward to continued partnership with DHCD, RHW and developers across Maryland for the next 100 communities!

The Deal is Done: Millstone at Kingsview in Germantown, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $29,061,300 mortgage for the refinance of the Millstone at Kingsview community located in Germantown, Maryland. The HUD-insured Section 223(a)(7) refinance reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years. Millstone at Kingsview was originally built in 2014 utilizing a HUD-insured 221(d)(4) mortgage and consists of 195 units across three separate four-story elevator-serviced buildings and a central clubhouse building.

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

Borrower: Kingsview Development LLC

Sponsor: Pleasants Development, LLC

Property Management: Bozzuto Property Management

Borrower’s Counsel: Heise Jorgensen and Stefanelli P.A.

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: Fenton Title Company

Capital Needs Assessment & E-Tool: AEI Consultants

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

The Deal is Done: BellaNova at JubiLee Park in Orlando, FL

AGM Financial Services, Inc. is proud to announce the successful closing of a $52,502,500 mortgage for the refinance of the BellaNova at JubiLee Park located in Orlando, Florida. The HUD-insured Section 223(a)(7) refinance reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years. BellaNova at JubiLee Park was originally built in 2019 utilizing a HUD-insured 221(d)(4) mortgage and consists of 312 market rate units, a centrally located clubhouse building, a pool and sundeck area with outdoor kitchen, a large fitness area with indoor basketball court, and a playground area with green space.

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

Sponsor: LeCesse Development Corporation

Property Management: Cambridge Management Services, Inc.

Borrower’s Counsel: Murai Wald Biondo & Moreno PLLC

Mortgage Insurance Provider:

• Regional & Satellite Center: Atlanta HUD

• Closing Office: Jacksonville HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: Commercial Closing Services-South Florida

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

Energy Consultant: SustainaBase

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

The Deal is Done: Hamilton Townhome Apartments, Baltimore, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $7,396,800 HUD-insured Section 221(d)(4) construction/permanent loan for Hamilton Townhome Apartments, a 42-unit market rate multifamily community located in Baltimore, Maryland. The development will consist of three groupings containing two-story townhouse-style buildings with two-bedroom units on the first floor and three-bedroom units on the second floor.

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

Sponsor/Developer: Windham Place, LLC

General Contractor: Commercial Construction LLC

Property Management: QP Management & Building Services, LLC

Architect & Green Energy Design Consultant: Marren Architects, Inc.

Borrower’s Counsel and Surveyor: Clark Hill PLC

Civil Engineer: Colbert Matz Rosenfelt, Inc.

Mortgage Insurance Provider

• Regional Center: New York HUD

• Satellite & Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: Integrity Title & Escrow Company, LLC

Appraiser: Metzbower, Watts & Hulting, LC

Market Analyst: Real Property Research Group

Environmental Studies & HEROS: Green Street Environmental

A&E/Cost Reviewer: JPS & Associates, Inc.

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

The Deal is Done: Allendale Apartments, Baltimore, MD

AGM Financial Services, Inc. is proud to announce the successful closing of a $9,247,400 mortgage for the refinance of the Allendale Apartments community located in Baltimore, Maryland. The HUD-insured Section 223(a)(7) refinance reduced the fixed interest rate while extending the mortgage to its original term of 40 years. Allendale Apartments is a 164-unit affordable community in a single 12-story elevator serviced building with an on-site management office, community room, and central laundry facilities. The development was built in 1985 and substantially rehabilitated in 2017 with HUD-insured financing and Low Income Housing Tax Credits (LIHTC).

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

Borrower: Allendale Apartments Limited Partnership

Sponsor: Enterprise Community Development

Property Management: Enterprise Residential, LLC

Borrower’s Counsel: Gallagher Evelius & Jones LLP

Surveyor: Colbert, Matz, Rosenfelt, Inc.

Mortgage Insurance Provider: New York HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: Chicago Title Insurance Company

Capital Needs Assessment, E-Tool, and HEROS: AEI Consultants

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

The Deal is Done: Heritage Forest Apartments, Newport News, VA

AGM Financial Services, Inc. is proud to announce the successful refinance of Heritage Forest Apartments located in Newport News, VA. The multi-family community was originally built in two phases in 2011 and 2014 with HUD-insured financing and Low Income Housing Tax Credits (LIHTC). This garden apartment community includes 248 units and a freestanding clubhouse. All of the units are income restricted. Both phases of the community were refinanced with HUD-insured Section 223(a)(7) mortgages. Phase I had a mortgage of $8,609,900 and Phase II had a mortgage of $6,339,600. The refinance of the existing mortgages reduced the fixed interest rate while extending the term of the mortgages back to the original 40-year term.

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

Borrower Phase I: SLN 5100, L.P.

Borrower Phase II: Heritage Forest II, L.P.

Sponsor & Property Management: The Franklin Johnston Group

Borrower’s Counsel: Williams Mullen

Surveyor: Hoggard / Eure Associates, P.C. (1)

Mortgage Insurance Provider:

• Regional Center: New York HUD

• Satellite Office: Baltimore HUD

• Closing Office: Washington D.C. HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: Stewart Title Guaranty Company

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

Capital Needs Assessment, E-tool, & HEROS: EBI Consulting

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

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

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.

The Deal is Done: Haven Apartment Homes of Virginia Beach, VA

AGM Financial Services, Inc. is proud to announce the successful closing of a $28,937,200 mortgage for the refinance of the Haven Apartment Homes community located in Virginia Beach, Virginia. The HUD-insured Section 223(a)(7) refinance reduced the fixed interest rate while extending the term of the mortgage back to the original term of 35 years. Haven Apartment Homes was originally built in 1972, renovated between 2015-2017, and consists of 244 market rate units.

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

Borrower: SLN Bancroft LLC

Sponsor/Property Management: S.L. Nusbaum Realty Company

Borrower’s Counsel: Wilcox & Savage, P.C.

Mortgage Insurance Provider:

• Regional & Satellite Center: New York HUD

• Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: BridgeTrust Title Group

Capital Needs Assessment & E-Tool: Dominion Due Diligence Group

Energy Consultant: EBI Consulting

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