North Carolina Construction News staff writer
AGM Financial Services says it has closed on a $47,233,300 FHA-insured mortgage for The Depot at North Salem, a new Class A rental multifamily development in Apex.
NewCastle Development Group through Old Apex Associates, LP, is developing the site with 228 apartments across three four-story elevator-served buildings. The architect is Dynamik Design Partners, LLC
A 40-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.
“Construction-to-permanent financing through FHA offers developers significant advantages in today’s market,” AGM president and owner Myles Perkins said in a statement “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.”
