Blaine Landing Phase I & II

Blaine Landing

AGM Financial Services, Inc. is proud to announce the recent closing of two HUD insured mortgages totaling $11,502,300 for a LIHTC 9/4 Twin project to be known as Blaine Landing. Located in Williamsburg, Virginia, this rental community features 119 units in four three-story buildings plus a clubhouse. Amenities include a fitness center, playground, and a pavilion with grilling stations. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter. The two projects were funded by 4% and 9% Tax Credits, Tax Exempt Bonds, and State Trust Fund money. This community will be broadly affordable with all units restricted to households whose incomes are at or below 60% of the area median income.

Borrower: Blaine Landing Apts, L.L.C. & Blaine Landing Phase II, L.P.

Sponsor/Co-Sponsors: Nusbaum Associates, L.P.

General Contractor: Harkins Builders, Inc.

Property Management: S.L. Nusbaum Realty Co.

Borrower’s Counsel: Wilcox and Savage

Architect: TS3 Architecs P.C.

Appraiser: Eckert & Company, Inc.

Market Analyst: Real Property Research Group

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

Civil Engineer: AES Consulting Engineers

Surveyor: AES Consulting Engineers

Mortgage Insurance Provider:

  • Regional Center: New York HUD
  • Satellite Office: Baltimore HUD
  • Closing Office: New York & DC HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Vorys, Sater, Seymour & Pease LLP

Title Company: BridgeTrust Title Group

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

Environmental Studies & HEROS: AEI Consultants/SCS Engineers

Bond Issuer: Economic Development Authority of the County of James City, VA

Issuer’s Counsel: Hunton Andrews Kurth LLP & McGuire Woods

Bond Underwriter: Stifel, Nicolaus & Company, Inc.

Underwriter’s Counsel: Tiber Hudson LLC

Tax Credit Syndicator: TowneBank

Syndicator’s Counsel: Womble Bond Dickinson (US) LLP

Trustee: U.S. Bank, Global Corporate Trust

Trustee Counsel: Bryant Miller Olive P.A.

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.