Diversified Experience

Large Renovation – Multiple Agencies

Renovation

Large Renovation – Multiple Agencies

Agler Green is a 30-year old project that recently completed a Market-to-Market Restructuring. Included in the restructuring involved a Transfer of Physical Assets of an existing Co-Op. The actual funding of the project’s $24 Million renovation was very complex and involved several government agencies. The project received $12 Million in Tax Exempt Revenue Bonds issued by Franklin County. The Federal Housing Administration backed $9 Million, while the other $3 Million were backed with part of the $7.5 Million Low Income Housing Tax Credits. City Home Funds of $1.5 Million and State Home Funds of $250,000 were also used. The $9 Million loan insured by the Federal Housing Administrations and funded with GNMA-guaranteed mortgage-backed securities issued by Armstrong Mortgage Company.

Section 221(d)(4)

Multifamily Construction

Section 221(d)(4)

Marble Cliff is the largest single loan that the Columbus office of the Department of Housing and Urban Development has completed in its history. Marble Cliff is the third phase of housing development located near Upper Arlington on the old Marble Cliff Quarries site. The apartments will feature large open floor plans attached garages and many features only found in condominium properties. The project will consist of large Ranch style and Garden Walkup one, two and three-bedroom units and will include amenities such as, pool, hot tub, clubhouse, exercise room, picnic area and walking trails.

Italian Village

Multifamily Construction

Italian Village

$5 Million was provided for the construction of the 100 unit multifamily housing complex in historic Italian Village, located in Columbus, Ohio. The site is located in the Columbus Enterprise/Empowerment Zone which has easy access to downtown and full range of community services. The 100 units are contained in 34 buildings; 20 of which are public housing units interspersed throughout the development among other 80 market rate units. The public housing units are funded by a HUD HOPE VI Grant. The project was funded with a $5 Million secured mortgage by the Columbus Office of Housing and Urban Development (HUD), HOPE VI Funds totaling nearly $5 Million, and tax-exempt bonds. Columbus Metropolitan Housing Authority serves as the project Sponsor and General Contractor, and has been very instrumental in the development of the project.

The Cannery – Mixed Use

Multifamily Construction

The Cannery – Mixed Use

The Cannery, consisting of 166 units, is the second largest market-rate housing project in or near downtown Dayton. In addition to the $14.5 million loan from The U.S. Department of Housing and Urban Development, other funding for this mixed-used project includes a $1.1 million city loan, a $300,000 loan from City Wide Development Corp. and $250,000 from County Corp. To fill out the funding local banks bought historic tax credits available because the buildings are on the National Register of Historic Places.

Section 221(d)(3) and 232

Multifamily Construction

Section 221(d)(3) and 232

$8.6 Million in HUD financing was provided for the construction of two adjoining retirement communities on the east side of Columbus, sponsored by the Catholic Diocese of Columbus. The Independent Living and Assisted Living facilities were structured under the Section 221(d)(3) and 232 HUD programs and coupled with tax-exempt bonds. Situated in a campus-like setting, the buildings are connected with a common area footbridge that features fireplaces, ice cream parlor, dining room, library, exercise room and other community functions.
The Villas at Saint Therese Assisted Living, Inc., originally built as a 40-unit (44 beds) project, was improved with a Section 241 supplemental loan in 2009, adding an additional 8 units, and refinanced in 2011 under Section 232/223(a)(7). The existing 75-unit Independent Living facility was refinanced in 2010 under the 221(d)(3) pursuant to 223(a)(7) program.

Section 223(a)(7)

Refinancing

Section 223(a)(7)

Wheeler Lakes Apartments, located in Marion, Marion County, Ohio is an existing 96-unit apartment complex of six two-story buildings constructed in 2005. The property contains 24 one-bedroom, one bathroom garden style apartment units and 72 two-bedroom, two bathroom garden style units. The property also includes a clubhouse with a lounge, fitness room and kitchen. $5.11 million in HUD financing, structured under the Section 223(a)(7) refinance program, was provided for the refinancing.

Section 221(d)(4) – New Construction

Multifamily Construction

Section 221(d)(4) – New Construction

The Reserve at the Falls is a 140-unit project, located in Athens, Ohio. It is part of a mixed use development plan containing single family homes, condominiums, senior living, medical and professional offices, and retail. The apartment complex, completed in 2012 and located approximately two miles from Ohio University campus, markets to non-student residents, as well as faculty, undergraduate, and graduate students. $11.3 Million in HUD financing was provided, structured under the Section 221(d)(4) new construction program.

Section 221(d)(4) Rehabilitation

Renovation

Section 221(d)(4) Rehabilitation

Village Park Apartments, located in Huber Heights, Montgomery County, Ohio is an existing 41-unit senior housing apartment complex with Section 8 subsidy. While the building has been well maintained over the past 30 years by Gorsuch Management, a need to replace HVAC systems, as well as modernize and improve energy efficiency was warranted to insure the stable operation of the property into the future. $1 Million in HUD financing, structured under the Section 221(d)(4) Sub Rehabilitation program, was provided. The HUD first mortgage was combined with OHFA/HDAP funds, Tax Credit Equity, and bonds.

Testimonials

"Armstrong Mortgage maintains a working expertise of the standards of the industry, and adds the personal dedication that simplifies what can be a tedious process elsewhere.“
 
Christine S. Collins
Director of Development
Fairfield Homes, Inc.
"Armstrong Mortgage has not only provided me with top notch service over the years, but they have also treated me like family.  The staff is very knowledgeable and professional, but they will also treat you as a friend.  Our most recent refinance literally would not have happened if it were not for the staff at Armstrong Mortgage and their willingness to go above and beyond."
 
Wexford Inc.
Walter T. Krumm III - Principal