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 multifamily development involves the new construction of 228 Class A apartments in Apex, North Carolina.
The community will feature three 4-story elevator-served apartment buildings and an integrated clubhouse/community space. The building’s design will be wood frame construction with manufactured stone veneer on the first level and then traditional Hardie board and Hardie shake siding on upper levels. The project will provide spacious, upscale apartment homes with stainless steel appliances, in-unit washer/dryer setups, and ample parking. The 40-year FHA-insured loan was made using the Section 221(d)(4) program, providing long-term fixed-rate construction/permanent debt.
We want to thank everyone who made this closing a success:
- BORROWER: Old Apex Associates, LP
- SPONSOR/CO-SPONSORS: NewCastle Development Group
- GENERAL CONTRACTOR: Weaver Cooke Construction
- PROPERTY MANAGEMENT: CDGMS, LLC
- BORROWER’S COUNSEL: Buchanan Ingersoll & Rooney PC
- ARCHITECT: Dynamik Design Partners, LLC
- MORTGAGE INSURANCE PROVIDER: Atlanta HUD
- CIVIL ENGINEER: LE Wooten & Company
- SURVEYOR: LE Wooten & Company
- MORTGAGE-BACKED SECURITIES: GNMA
- LENDER’S COUNSEL: Tiber Hudson, LLC
- TITLE COMPANY: Safe Harbor Title Company
- MARKET ANALYST: Real Property Research Group
- CAPITAL NEEDS ASSESSMENT, E-TOOL: JPS & Associates, Inc.
- A&E/COST REVIEWER: JPS & Associates, Inc.
- ENVIRONMENTAL STUDIES & HEROS: EBI Consulting
- GREEN/ENERGY CONSULTANT: Southern Energy Management
- APPRAISER: Everson, Huber & Associates, LC
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 $10 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.
