AGM Financial Services announces the successful closing of a $47,233,300 FHA-insured mortgage for The Depot at North Salem, a new Class A multifamily development in Apex, North Carolina. This40-year construction-to-permanent loan was originated through HUD’s Section 221(d)(4) program, providing a seamless financing solution with no hurdles to get to the permanent loan.
Located in Apex, one of the fastest-growing suburbs in the Research Triangle region, The Depot at North Salem responds to the area’s increasing demand for quality rental housing. The development will serve the growing population of professionals and families attracted to Apex’s combination of small-town charm and proximity to major employment centers in Raleigh, Durham, and Chapel Hill.
“Construction-to-permanent financing through FHA offers developers significant advantages in today’s market,” said Myles Perkins, President and Owner of AGM. “By locking in both construction and permanent financing at the onset, developers can proceed with confidence, knowing their long-term financing is secured at a known fixed rate. This eliminates the interest rate risk, lease-up risk and refinancing risk associated with traditional multifamily loan products.”
The Depot at North Salem, developed by NewCastle Development Group through Old Apex Associates, LP, will feature 228 luxury apartment homes across three four-story elevator-served buildings. The development’s architectural design, crafted by Dynamik Design Partners, LLC, incorporates manufactured stone veneer at the ground level complemented by Hardie board and Hardie shake siding on upper floors, reflecting the area’s architectural character while providing modern amenities.
For more information about AGM Financial Services’ multifamily financing solutions, 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.
