New City Plaza in Salt Lake City, Utah, showcases another innovative approach to preserving and improving affordable housing. Using a blend of Section 18 and the Rental Assistance Demonstration (RAD) program,Housing Connect (the Salt Lake County Housing Authority) is redeveloping 299 age-restricted Section 8 units in two adjacent towers. As part of the redevelopment, they are building an addition connecting the two towers and housing new leasing and management offices. This project was financed using 4% Low Income Housing Tax Credits, Short Term Bonds, and an FHA-Insured mortgage of $25,700,000. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.
We want to thank everyone who made this closing a success:
Borrower: New City Plaza Partners I, LLC
Sponsor/Co-Sponsors: Housing Connect
General Contractor: Kier Construction Corporation
Property Management: Housing Connect
Borrower’s Consultant: Praxis Consulting Group, LLC
Borrower’s Counsel: Gilmore Bell, P.C.
Borrower’s RAD Counsel: Ballard Spahr LLP
Architect: EJ Architecture, PLLC
Appraiser: Western States Multifamily
A&E/Cost Reviewer: JPS & Associates, Inc.
Surveyor: Nathan Christensen
Mortgage Insurance Provider:
- Regional Center: San Francisco: HUD
- Satellite & Closing Office: Denver HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Kennerly, Montgomery & Finley, P.C.
Title Company: Secured Land Title
Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
Environmental Studies & HEROS: AEI Consultants
Bond Issuer: Utah Housing Corporation
Issuer’s Counsel: Gilmore Bell, P.C.
Bond Underwriter: Stifel, Nicolaus & Company, Incorporated
Underwriter’s Counsel: Tiber Hudson, LLC
Tax Credit Syndicator: Enterprise Housing Credit Investments, LLC
Syndicator’s Counsel: Holland & Knight, 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 $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.
