AGM Financial Services Year in Review

AGM’s Innovative Solutions Get the Deal Done

From record inflation to soaring interest rates, 2022 was a challenging year for our industry. Still, for AGM and many of our clients, it was also a year for figuring it all out and bringing transactions to successful closings. Looking back, 2022 turned out to be a time of remarkable achievements despite some formidable obstacles. Below, we are pleased to highlight a few of the many deals we closed last year.

Remington Row

Remington Row is a 108-unit market-rate mixed-use project developed by Seawall in downtown Baltimore. Seawall and Remington Row are leading the revitalization of the historic Remington neighborhood, creating high-quality residential living as well as space for small businesses and nonprofits to thrive. AGM was pleased to provide long-term FHA-insured permanent financing for Remington Row and to join Seawall in their work to turn Remington Avenue into a walkable urban main street.

The Cascades of Frederick

The Cascades of Frederick is a 151-unit affordable project in Frederick, MD. Developed by Community Housing Initiative, Inc., Cascades of Frederick will provide quality affordable housing for seniors earning less than 60% of the area’s median income. The Maryland Department of Housing and Community Development provided 4% Low-Income Housing Tax Credits (LIHTC) and short-term tax-exempt bonds for the project. AGM was pleased to provide forty-year fixed-rate FHA financing to make Cascades of Frederick possible.

Admiral’s Landing & Blaine Landing

A relatively new approach to affordable housing finance is the “twin” deal – two affordable projects developed and financed simultaneously, one with 4% LIHTC credits and the other with 9% LIHTC credits. This approach allows states to stretch their 9% tax credits by pairing (or “twinning”) them with the 4% credits that come with tax-exempt bonds. Developers realize cost savings and efficiency in developing and building two projects at the same time. In 2022, AGM closed two “twin” deals – Admiral’s Landing (pictured above), an affordable project totaling 134 units in Great Mills, MD, developed by Osprey Development, and Blaine Landing with a total of 119 affordable units, developed by SL Nusbaum in Williamsburg VA. These “9/4 twins” – separate affordable projects underwritten, financed, and closed simultaneously – are complex, and timing is crucial. AGM was pleased to provide long-term financing for both – or really, all four – projects.

New City Plaza

New City Plaza in Salt Lake City, Utah, showcases another innovative approach to preserving and improving affordable housing. Using the Rental Assistance Demonstration (RAD) program, the Housing Authority of the County of Salt Lake and the Housing Authority of Salt Lake City teamed up to redevelop 299 age-restricted Section 8 units in two adjacent projects. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.

A new year means new opportunities for multifamily developers, and AGM stands ready to deliver. Rely on us for an attractive multifamily loan you can count on.

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 $9 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.