FHA-Insured Mortgage Contributes to Neighborhood Revitalization
AGM Financial Services, a family-owned business proudly rooted in Baltimore, announces the successful closing of an $8,755,000 FHA-insured mortgage for the new construction of Park Heights Senior Apartments, contributing to the neighborhood’s revitalization.
Park Heights is a 1,500-acre community in Baltimore City, Maryland, and comprises 12 smaller neighborhoods that together contain approximately 30,000 residents. The area is most notable for its landmarks, Pimlico Race Track, and Sinai Hospital — the community’s largest employer and primary health care provider.
The Park Heights Senior project, developed by The NHP Foundation (NHPF), will be a 4-story, elevator-served building dedicated to residents aged 62 and above. Featuring 100 age-restricted units with comprehensive amenities, the project underscores the importance of accessible and affordable senior living. Leveraging 4% Low-income Housing Tax Credits, the apartments will cater to individuals earning 30%-60% of the AMI.
This project, supported by state and local entities, including Baltimore City’s allocation of American Rescue Plan Act (ARPA) funds, showcases the successful collaboration between AGM Financial, NHPF, Henson Development Corporation, and additional and public partners.
Myles Perkins, President and Owner of AGM Financial Services stated, “As a Baltimore-based business, we understand the nuances of our city and the need for affordable housing. By leveraging FHA-insured loan products, developers can count on low fixed rates and peace of mind for years to come.”
Founded and based in Baltimore, AGM stands apart from larger FHA lenders with its deep-rooted local presence and specialized focus on affordable housing deals. This localized approach, combined with full access to the AGM team, offers invaluable insights and a unique understanding of the community’s needs.
Mansur Abdul-Malik, Senior Vice President of NHPF, added, “AGM was a true partner throughout the process. During many challenging moments, AGM used their specialized knowledge and expertise to help us mitigate those challenges and navigate the transaction to settlement.”
Virtual tour of Park Heights Senior
About AGM Financial Services, Inc.
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.