White Marsh Pointe at Eagle Landing consists of two contiguous apartment communities consisting of 206 rental units in Suffolk, Virginia. The community will include 113 renovated units in addition to 93 newly constructed units to replace previous public housing. The project will have townhouse-style buildings, garden walk-up buildings, and a newly constructed freestanding community building. All of the units will be covered under a long-term Section 8 contract and will be restricted to households earning either 50% or 60% of area median income (AMI). Utilizing HUD’s Section 18 Demolition/Disposition program and Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $23,100,000 at a fixed interest rate and a 40-year term. Equity of approximately $12,794,894 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include a $1,200,000 loan from the Suffolk Redevelopment and Housing Authority, a $275,000 loan from the City of Suffolk, and a $500,000 AHP loan.
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
