Lancaster House South is a 150-unit elderly apartment building located in Lancaster, Pennsylvania. This 11-story building was originally constructed in 1979 with a HUD Section 202 direct loan. AGM structured the refinance and recapitalization of the project using a combination of two HUD-insured loans. A new $4,290,900 first mortgage was made using Section 223(f) in accordance with all of HUD’s Section 202 refinance requirements. A Section 241 Supplemental loan of $4,445,400 was processed and closed simultaneously. This second mortgage funded the majority of the renovations. Debt service savings from the prior Section 202 loan plus a Section 8 rent increase to market rent will provide the revenue needed to service this loan. Both loans were funded for 35 years.
The Depot at North Salem of Apex, NC
AGM Financial Services, Inc. is excited to announce the successful closure of a $47,233,300 mortgage for the new construction of “The Depot at North Salem.” This
