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Properties Financed page title

Closings in 2008
MonteVerde Apartments MonteVerde Apartments
 MonteVerde Apartments is a 301-unit existing predominately elderly rental property located in Baltimore City, Maryland. AGM brokered the Freddie Mac floating-to-fixed bond transaction to Wells Fargo, NA to produce a loan of $15,200,000 at a fixed interest rate of 5.2%. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Total project costs are $96,383 per unit, of which $47,876 per unit will be for rehabilitation. The developer emphasized energy efficiency and security. A new building entrance will be constructed to create a single point of entry and to add a larger community space for the residents. Additional funds were provided through the sale of 4% tax credits, a real estate tax abatement from the City of Baltimore, and a $2,500,000 seller take back note. The property includes 260 one-bedroom and 41 two-bedroom apartments.
The Villages at Marley Station The Villages at Marley Station
 The Villages at Marley Station is a 757-unit family property located in Glen Burnie, Maryland. Marley Station was originally financed by AGM in 1995 pursuant to Section 221d4 as an acquisition, substantial rehabilitation using a combination of tax-exempt bonds with 4% tax credits and taxable bonds with 9% credits. Using HUD's Section 223a7 program for refinancing currently insured properties, AGM obtained a HUD-insured mortgage of $23,700,000 at 6.32% interest with a 40-year term to refinance the old debt and lower the interest rate. The new loan repaid the outstanding debt and funded about $1,500,000 for repairs and reserves. The property includes 36 studios, 428 one-bedrooms, 281 two-bedrooms, and 12 three-bedrooms.
Cherrydale Apartments Cherrydale Apartments
 Cherrydale is a 186-unit existing family rental property located in Baltimore City, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $3,755,000 at 6.19% interest with a 40-year term. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Total project costs are approximately $114,000 per unit, of which $40,000 per unit will be for rehabilitation. The developer emphasized green building components and the addition of units for the mobility impaired. Additional funds were provided through the sale of 4% tax credits, $2,090,000 from the City of Baltimore and $500,000 from the Maryland Department of Housing and Com unity Development. The property includes 42 one-bedroom, 111 two-bedroom, and 29 three-bedroom apartments.
Collingswood Nursing Home 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%.
Hampton on the Park Hampton on the Park
 Hampton on the Park is a three-property campus, which includes the Oakton Terrace Apartments, the Oakton Apartments, and the Park Hampshire Apartments.
Oakton Terrace Apartments Oakton Terrace Apartments
 Oakton Terrace is a 56-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $4,985,000 at 6.53% interest with a 40-year term with a three-year lock-out period. Total project costs are approximately $118,000 per unit which include $44,000 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 28 one-bedroom, 25 two-bedroom, 3 three-bedroom units.
Oakton Apartments Oakton Apartments
 Oakton is a 390-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $37,273,000 at 6.53% interest with a 40-year term with a three-year lock-out period. Total project costs are approximately $117,000 per unit which include $32,300 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 104 one-bedroom, 228 two-bedroom, 107 three-bedroom units. Oakton Apartments is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Park Hampshire Apartments.
Park Hampshire Park Hampshire
 Park Hampshire is a 229-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $20,142,000 at 6.53% interest with a 40-year term with a three-year lock-out period. Total project costs are approximately $122,000 per unit which include $32,300 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 5 studios, 88 one-bedroom, 134 two-bedroom, 2 three-bedroom units. Park Hampshire is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Oakton Apartments.
Victoria Park Victoria Park at Sassafras Meadow
 Victoria Park at Sassafras Meadow is a new three story 80-unit develpment for the elderly to be built in Salisbury, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $1,850,000 at 6.85% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. Total project costs are approximately $162,500 per unit. Additional funds were provided through the sale of 9% tax credits. The project includes 33 one-bedrooms units and 47 two-bedrooms units with 80 parking spaces and two elevators.
Park View Park View at Emerson
 Park View at Emerson is a new 80-unit elderly rental apartment community to be built in the Laurel area of Howard County, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $2,138,800 at 6.85% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. Total project costs are approximately $143,000 per unit. Howard County leased the land to the borrower and provided a PILOT. Additional funds were provided through the sale of 9% tax credits and a DHCD second mortgage. The four story, elevator served project includes 58 one-bedrooms units and 22 two-bedrooms units as well as extensive common areas.
Closings in 2007
OrchardRidge Orchard Ridge
 Orchard Ridge is the first phase of a planned unit development in eastern Baltimore City, Maryland, on the site of the former Freedom Village and Claremont Homes. Phase I is a 100-unit family property. Using HUD's Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $3,500,000 at 5.97% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. SunTrust Bank will provide the construction loan. Total project costs are approximately $194,000 per unit. Additional funds were provided through the sale of 9% tax credits, $3,000,000 in Partnership Rental Housing funds from the State of Maryland, $3,200,000 in Up-Front Grant funds from HUD through Baltimore City, and $2,400,000 in HOME funds also from the city. The project includes 20 one-bedroom, and 48 two-bedroom, 30 three-bedroom, and 2 four-bedroom units.
Victoria Park at Walkersville Victoria Park at Walkersville
 Victoria Park at Walkersville is an 80-unit elderly property to be built in Frederick County, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $5,350,000 at 5.62% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. BB&T will provide the construction loan. Total project costs are approximately $162,800 per unit. Additional funds were provided through the sale of 9% tax credits and $1,500,000 in elderly housing funds from the State of Maryland. The project includes 12 one-bedroom and 62 two-bedroom units.
La Maison Acadienne La Maison Acadienne
 La Maison Acadienne is a 3-story, 62-unit seniors apartment complex in Madawaska, Maine. Using HUD's 223(f) Refinance Program for Section 202 Direct Loans, AGM obtained a $3,456,600 HUD-insured mortgage at 5.28% interest with a 35-year term, through the Manchester HUD office. The project includes upgrades costing $889,745 or $14,350 per unit for new windows, new carpeting, new kitchen appliances, and roof repairs. The property has 59 one-bedroom and 3 two-bedroom units.
Coleman Manor La Maison Acadienne
Coleman Manor is a 50-unit elderly property in Baltimore, Maryland. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $1,126,400 at 5.41% interest with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of 4% tax credits, the State's second loan program, and HOME dollars from Baltimore City. The new owner will spend $19,600 per unit to upgrade the property.
Holly Lane Holly Lane
Holly Lane is a 170-unit family garden property in Baltimore, Maryland. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $10,648,600 at 5.41% interest with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of 4% tax credits and HOME dollars from Baltimore City. The new owner will spend $29,200 per unit to upgrade the property and make more units mobility accessible.
Walker Landing Walker Landing
Walker Landing is a 155-unit family garden property in Elizabeth City, North Carolina. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $6,000,000 at 5.57% interest with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of North Carolina through Elizabeth City. The new owner will spend $23,600 per unit to replace windows, roofs, HVAC, kitchens, and baths.
Hunting Creek Hunting Creek
Hunting Creek is a 70-unit family property to be built in Lexington Park, Maryland. Using HUD's Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $4,237,000 at 5.70% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. BB&T will provide the construction loan. Total project costs are approximately $185,000 per unit. Additional funds were provided through the sale of 9% tax credits. The project includes 6 one-bedroom, 36 two-bedroom, and 28 three-bedroom apartments.
Rooney Apartments Rooney Apartments
Rooney Apartments is a 150-unit senior high-rise property in Bethlehem, Pennsylvania. The property includes 8,000 square feet of commercial space. Using HUD's Section 231 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $5,088,100 at 5.75% interest with a 40-year term plus the construction period. The Pennsylvania Housing Finance Authority (PHFA) contributed $1,500,000 in PennHomes funds. PHFA awarded 9% tax credits which generated $7,800,000. The project involves acquisition and $30,800 per unit in repairs to replace windows, roof, kitchen cabinets, dishwashers, lights, and carpets. New through-wall air conditioning units and two sun rooms will be added. The project includes 42 efficiencies, 105 one-bedrooms, and 3 two-bedrooms.
Beechwood Manor Beechwood Manor
Beechwood Manor is a one-story, 60-bed assisted living facility in St. Clair Shores, Michigan. Using HUD's 232/223(f) Refinance Program, AGM obtained a HUD-insured mortgage of $4,280,900 at 5.84% interest with a 35-year term. The complex was completely remodeled three years ago. The HUD financing repaid all outstanding debt including debt incurred for the prior renovations and funded $171,000 for replacement reserves.
Meadow Lark Manor Meadow Lark Manor
Meadow Lark Manor is a 4-story, 74-unit seniors apartment complex in Gardena, Los Angeles County, California. Using HUD's 223(f) Refinance Program for Section 202 Direct Loans, AGM obtained a $4,819,600 HUD-insured mortgage at 5.48% interest with a 35-year term, through the Los Angeles HUD office. The project includes upgrades costing $866,700 or $11,700 per unit for new windows, new carpeting, new kitchen appliances, and roof repairs. The property has 18 studios and 56 1-BR units with 39 parking spaces.

AGM Financial Services, Inc. - 2 North Charles Street, Suite 300, Baltimore, MD 21201
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