AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $11,139,700 mortgage for the substantial rehabilitation of 106 apartments located in Baltimore, Maryland. The property was originally built in 1975 and consists of 14 residential buildings plus a former recreation center that will be repurposed to house the all new clubhouse and management office. This 100% Section 8 property will undergo a RAD conversion, allowing nearly $200,000 per unit in renovations. Financed using FHA Mortgage Insurance, 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works Funds, MEEHA – EmPower Funds, and Partnership Rental Housing funds.
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