AGM recently closed nine refinance loans totaling over $29,000,000 for a portfolio of properties located across North Carolina and South Carolina. The properties range in size from 28 to 120 units and total up to more than 560 apartments. These projects are largely garden-style walk-up apartments with Section 8 contracts. Four of the nine properties are targeted towards elderly families. Using HUD’s Section 223(f) program, AGM obtained FHA-insured mortgages for each property, which are all non-recourse and fully amortizing at a fixed interest rate.
We want to thank everyone who made this closing a success:
Sponsor/Co-Sponsors: Westminster Company
Property Management: Westminster Company
Borrower’s Counsel: Parker Poe Adams & Bernstein LLP
Appraiser: Newmark Knight Frank Valuation & Advisory, LLC
Surveyor: AECOM; Borum, Wade and Associates, P.A.
Mortgage Insurance Provider:
- Regional Center: Atlanta HUD
- Satellite & Closing Office: Greensboro HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Reno & Cavanaugh PLLC
Title Company: Chicago Title Insurance Company (South Carolina); Old Republic National Title Insurance Company (North Carolina)
Capital Needs Assessment, E-Tool: Dominion Due Diligence Group (D3G)
Environmental Studies & HEROS: Dominion Due Diligence Group (D3G)
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.
