Meet the AGM Team

The Reserve at Stoney Creek
The Reserve at Stoney Creek is an 88 unit market rate family apartment community to be built in Pasadena, Maryland. Using HUD's Section 221 New Construction program for insurance advances, AGM obtained an insured mortgage of $15,330,000 at 5.40% interest with a 40-year term. The community will consist of three, four-story elevator served buildings. Each building will have 78 first level individual parking garages with automatic overhead doors built into the structure.

Guilford Gardens
Guilford Gardens is a 269 unit apartment community to be built in Columbia Maryland. Using HUD's Section 221 New Construction program for insurance advances, AGM obtained an insured mortgage of $25,900,000 at 5.72% interest with a 40-year term. The project involves the relocation of Section 8 residents to new buildings and demolition of the existing buildings. The community will consist of one elevator building with 45 units restricted to elderly families with one member age 62 or older. The remaining units will be walk-up garden style for families. The community will also contain a freestanding clubhouse with community space, computer lab and exercise facility. Outside amenities will include pool, volleyball court, putting green and walking path.

Rhode Island Station
Rhode Island Station is a 274 unit elevator-served market rate family apartment community to be built in Washington D.C., at the Rhode Island Avenue - Brentwood Metro stop. Using HUD's Section 220 New Construction program for areas of urban redevelopment, AGM obtained a HUD-insured mortgage of $82,398,400 at 5.27% interest with a 40-year term. The community will consist of two, four-story buildings and will include first floor retail space and two free-standing parking garages with 468 spaces. The project includes 111 one-bedroom units, 150 two-bedroom units, and 13 three-bedroom units. Of the 274 units, 55 will be affordable to families earning less than 50% of area median income.

Gates at Owings Mills
Gates at Owings Mills is a 159-unit existing apartment complex consisting of five three-story and seven four-story building built in 1999 located in Owings Mills, Maryland. Gates at Owings Mills was financed under the HUD 223(f) program. The new $14,240,000 HUD-insured loan has a 4.77% interest rate and 35-year term. The new mortgage refinanced the old debt and lowered the interest rate.

Churchill Senior Living
Churchill Senior Living, Phase I is a 121-unit affordable elderly apartment building built in 2002 located in Germantown, Maryland. Churchill I was originally financed pursuant to HUD’s Section 221d4 new construction program. Using HUD's Section 223a7 program for refinancing currently insured properties, AGM obtained a HUD-insured mortgage of $5,932,500 at 4.48% interest with a 32-year term. The new mortgage refinanced the old debt and lowered the interest rate. The property is a four story elevator served building comprised of 103 one-bedroom/one-bath units and 18 two-bedroom/two bath units.

Villa Grande at Sarasota
Villa Grande at Sarasota is a 108-upscale age restricted community to be built in Sarasota, Florida. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $21,559,700 at 5.32% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project is comprised of three five-story apartment buildings with a mix of one and two bedroom units and a 96 space parking garage. The community offers a clubhouse which will include a fitness room, arts and crafts room, game room, beauty salon, massage room, wellness room, and ample community space with fireplace and a kitchen with full appliances. The exterior of the clubhouse will include a heated pool, whirlpool, expansive sundeck and outside kitchen.

Regency Crest
Regency Crest is a 150-unit senior market rate apartment community to be built in Ellicott City, Maryland. Using HUD's Section 231 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $28,176,200 at a low interest with a 40-year term. The project includes 54 one-bedrooms, 94 two-bedrooms, and 2 three-bedrooms with an indoor pool, gourmet clubhouse kitchen, and two guest suites.

Oak Crest at Battlefield
Oak Crest at Battlefield is a 164-unit market rate family apartment community to be built in Chesapeake, Virginia. Using HUD's Section 221d4 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $24,115,100 at 5.75% interest with a 40-year term. The project includes 32 one-bedrooms, and 124 two-bedrooms, and 8 three-bedrooms. This 4-story property includes 4 elevators and extensive common amenities.

Park View at Severna Park
Park View at Severna Park is a 103-unit affordable elderly apartment community to be built in Severna Park, Anne Arundel County, Maryland. Using HUD's Section 231 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $4,250,000 at 5.59% interest with a 40-year term. The project includes 3 studios, 73 one-bedrooms, and 27 two-bedrooms. This 4-story property was funded in part through the sale 9% Low Income Housing Tax Credits, $2,100,000 from the State of Maryland, and $1,200,000 from Anne Arundel County.

Robert Sharp Towers I
Robert Sharp Towers I is a 110-unit existing elderly apartment building built in 1979 located in Miami Gardens, Florida. Robert Sharp Towers I was financed under the HUD 223(f) program which allows cash out. The new $3,368,000 HUD-insured loan has a 4.78% interest rate and 35-year term. The owner will make almost $17,000 per unit in repairs and upgrades.

Mission Place
Mission Place is a 262-unit market rate family apartment community to be built in Jessup, Maryland. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $45,431,100 at 5.76% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 101 one-bedrooms, and 161 two-bedrooms with first level retail space and 108 garage parking spaces.

Cascades at Woods Corner
Cascades is a 226-unit family apartment community to be newly constructed in Virginia Beach, Virginia. The project includes 82 one-bedrooms, 116 two-bedrooms, and 28 three-bedrooms. Amenities include 28 detached garages, 83 vaulted ceilings, 54 water views, and elevator access to 46 units, plus a pool, clubhouse, and 25,000 square feet of ground floor retail space. The property is three-stories with a mix of walk-up and elevator buildings. Using HUD's Section 221d4 program for new construction, AGM obtained a HUD-insured mortgage of $33,455,600 at 6.25% interest with a 40-year term.

Summit Woods
Summit Woods is a 198-unit family apartment community to be substantially rehabilitated in Gaithersburg, Montgomery County, Maryland. The property had been vacant for two years and scheduled for demolition when the owners decided to rehabilitate the units, add a pool and clubhouse, and improve the grounds. The community offers three-story walk-up buildings. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $32,941,600 at 6.29% interest with a 40-year term. The project includes 38 one-bedrooms, 146 two-bedrooms, and 14 three-bedrooms. The property is surrounded on two sides by park land.

Collingswood Nursing Home
CollingswoodCollingswood Nursing Home is a 160-bed nursing home in Rockville, Maryland. The substantial rehabilitation of this property was accomplished in 1999 using a HUD-insured first mortgage obtained by AGM. Because HUD offers second debt for additions and improvements to currently insured properties, AGM recently arranged a $482,700 second debt insured pursuant to Section 241. These funds will be used to install a kidney dialysis unit to serve residents and the wider community. The interest rate is 6.95%.

Chatham Village
Chatham Village is a 94-unit family property located in Easton, Maryland. In 1992 AGM assisted in the original construction financing for this property from the State of Maryland. This year, AGM brokered the Fannie Mae refinance of Chatham Village to Wells Fargo, NA to produce a loan of $4,745,000. The new loan represents 63% Loan to Value with an interest rate of 6.16%. The refinancing repaid the original debt to the State and provided $487,000 for repairs and upgrades. The property includes 1 studio, 81 one-bedrooms, 9 two-bedrooms, and 3 three-bedrooms.

Tanglewood
Chatham VillageTanglewood is a 180-unit family apartment community to be built in Elizabeth City, North Carolina. The community offers three-story walk-up buildings with a pool and clubhouse. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $18,258,400 at 6.44% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 36 one-bedrooms, 114 two-bedrooms, and 30 three-bedrooms with 27 detached garages and 60 vaulted ceilings.