AGM Financial Services, Inc. is proud to announce the successful closing of a $6,460,000 mortgage for the substantial rehabilitation of “The Harry and Jeanette Weinberg House” located in Pikesville, Maryland.
The project is owned and operated by the Comprehensive Housing Assistance, Inc. (CHAI), a non-profit organization serving the larger Baltimore area. The project is a Senior living property that was built in 1994 through HUDs Section 202/capital advance financing. Since being built the property has remained available to eligible low income Heads of Household aged 62 and older under the prior Project Rental Assistance Contract program (PRAC). The Harry and Jeanette Weinberg House has since converted via the RAD for PRAC program to long term Section 8 Project Based Rental Assistance (PBRA) to maintain affordable housing for all 116 senior units. This seven-story, elevator served building boasts a variety of amenities and features, including fitness center, billiards room, a dining room, laundry room, Business Center and other community/lounge areas. The project is expected to provide $110,000 per unit in renovations and improvements.
We want to thank everyone who made this closing a success:
- Borrower: New Weinberg House, LP
- Sponsor: Comprehensive Housing Assistance, Inc. (CHAI)
- Borrower Consultant: Keen Preservation Solutions, LLC
- General Contractor: Harkins Builders Inc.
- Property Management: The Franklin Group
- Borrower’s Counsel: Klein Hornig, LLP
- Architect: Moseley Architects
- Appraiser: Linden Valuation Consultants
- A&E/Cost Reviewer: JPS & Associates, Inc.
- Surveyor & Civil Engineer: KCW Engineering Technologies
- Mortgage Insurance Provider:
- Regional Center: New York HUD
- Satellite & Closing Office: Baltimore HUD
- Mortgage-Backed Securities: GNMA
- Lender’s Counsel: Tiber Hudson, LLC
- Title Company: Chicago Title Insurance Company
- Green/Energy Consultant: Pando Alliance
- Environmental Studies & HEROS: Dominion Due Diligence Group
- Public Agency Lender: Maryland DHCD & Baltimore County DHCD
- Baltimore County Counsel: Baltimore County Office of Law
- Bond Issuer: Maryland Community Development Administration (CDA)
- Issuer’s Counsel: Kutak Rock, LLP
- Outside Issuer’s (CDA) Counsel: Tydings & Rosenberg, LLP
- Bond Purchaser: JP Morgan Chase
- Bond Purchaser: Counsel Tiber Hudson, LLC
- Equity Bridge Loan Provider: Sterling Bank
- Bridge Loan Counsel: Rosenblum Goldenhersh, P.C.
- Tax Credit Syndicator: R4 Capital, LLC
- Syndicator’s Counsel: Frost Brown Todd LLP
- Trustee: Wilmington Trust, N.A.
- Trustee Counsel: McGuireWoods, LLP
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.
