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.
Borrower: Telesis Baltimore Corporation
Sponsor/Co-Sponsors: Telesis Baltimore Corporation
General Contractor: Southway Builders, Inc.
Property Management: Neighborhood Partners, LLC
Borrower’s Counsel: Gallagher Evelius and Jones LLP
Architect: Moseley Architect P.C
Rent Comparability Study: Southway Builders, Inc.
Civil Engineer: KCW Engineering Technologies, Inc.
Surveyor: Mathew C. Zane
Mortgage Insurance Provider:
- Regional Center: New York HUD
- Satellite & Closing Office: Baltimore HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Vorys, Sater, Seymour and Pease LLP
Title Company: Chicago Title Insurance Company
Appraiser: Valbridge Property Advisors
Capital Needs Assessment, E-Tool: JPS & Associate Inc.
A&E/Cost Reviewer: JPS & Associate Inc.
Environmental Studies & HEROS: Urban Green Environmental
To see how AGM can make your deal work for you, contact AGM’s Origination Team.
About AGM Financial
AGM is a privately held company headquartered in Baltimore, MD, and a nationwide licensed FHA Mortgagee (lender) providing financing for both Market Rate and Affordable Housing communities. Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — 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. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
