AGM Financial Services, Inc. is proud to announce the successful closing of a $44,278,400 construction-permanent loan for the development of West Catawba Apartments located in Cornelius, North Carolina.
The sponsor, NewCastle Development, will provide 195 Class A apartments with an excellent amenity package including a community room and resident Great Room lounge overlooking the resort style pool and surrounding courtyard. The community will include 2 three-story walk-up townhouse buildings, and 2 four-story elevator-served buildings. Building exteriors will feature a combination of Hardie-Plank and stone. The project will provide 324 surface parking spaces with 10 garages available for rent and 13 storage units.
We want to thank everyone who made this closing a success:
- Borrower: West Catawba Properties, LLC
- Sponsor/Co-Sponsors: NewCastle Development
- General Contractor: Concorde Construction Company
- Property Management: CDGMS, LLC (dba Newcastle Management Group)
- Borrower’s Counsel: Buchanan Ingersoll & Rooney PC
- Architect: The Housing Studio, P.A.
- Market Analyst: Bowen National Research
- Civil Engineer: W&A Engineering
- Surveyor: Guisewhite Professional Land Surveying, PC
- Mortgage Insurance Provider:
- Regional Center: Alanta HUD
- Satellite & Closing Office: Jacksonville Field Office
- Mortgage Backed Securities: GNMA
- Lender’s Counsel: Tiber Hudson LLC
- Title Company: Chicago Title
- Appraiser: Everson, Huber & Associates, LC
- Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
- A&E/Cost Reviewer: JPS & Associates, Inc.
- HEROS & Environmental Reviewer: EBI Consulting
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 $10 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.
