AGM Financial Services, Inc. is proud to announce the successful closing of a $14,450,500 Section 221(d)(4) mortgage for this 100 unit new construction project.
The sponsor, Lincoln Westmoreland Housing (LWH), is a non-profit housing and social services provider. LWH utilized income-averaging for the purpose of maximizing Tax-exempt bond Financing to achieve affordable housing for the new development. Located in the Woodbridge neighborhood of Washington, DC, all of the apartments at 2911 Rhode Island Avenue will be income restricted to AMI levels between 30% and 80%. The building will be a single, six-story elevator served development with 34 lower-level parking spots as well as on-street parking. The extensive amenities provided will include a residential lobby, management office, package storage room, mail room, fitness room, business center and a fully enclosed open-air courtyard for residents.
We want to thank everyone who made this closing a success:
- Borrower: 2911 RI Owner, LLC
- Developer & Sponsor: Lincoln Westmoreland Housing, Inc.
- Co-Sponsors: KeyUrban, LLC
- Consultant: EquityPlus, LLC
- General Contractor: Hamel Builders of Washington, LLC
- Property Management: Charles Tini & Associates, LLC
- Borrower’s Counsel: Klein Hornig, LLP
- Architect: Miner Feinstein Architects, LLC
- Civil Engineer: Wiles Mensch Corporation
- Appraiser: Linden Valuation
- A&E/Cost Reviewer: JPS & Associates, Inc.
- Market Analyst: Real Property Research Group
- 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: First American Title Insurance Company
- Green Sustainability Consultant: Pando Alliance
- Surveyor: Mohler & Pendleton Surveying
- Environmental Studies & Review: AZ-RI Consultants
- Public Housing Authority: District of Columbia Housing Authority
- Bond Issuer: DC Housing Finance Agency
- Public Lending Agency: DC Department of Housing and Community Development
- Bridge Loan Lender: Enterprise Community Loan Fund
- Bridge Loan Lender Counsel: Tiber Hudson
- Sub-Loan Lender: DC Green Bank
- Sub-Loan Lender Counsel: Nixon Peabody
- Bond Underwriter: Stifel Financial Corp
- Underwriter’s Counsel: Orrick, Herrington & Sutcliffe, LLP
- Tax Credit Syndicator: Redstone Equity Partners
- DC LIHTC Investor: RiseImpact Capital
- Trustee: U.S Bank, Global Corporate Trust
- Trustee Counsel: Polsinelli, P.C.
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.