July Pulse Check

Friend,

It’s the height of summer, and the weather, politics, and tech all seem to have pushed rates and the economy out of the headlines.

The economic news is mixed, with stronger-than-expected retail sales and rising unemployment claims. As inflation falls, real interest rates – that is, interest rates after allowing for inflation – are up, too, and continue to dampen the economy, even without any action by the Fed. As inflation appears to be cooling and the labor market softens, a rate cut in September is looking more likely. We are all waiting expectantly.

Here at AGM, we are still getting commitments for new projects, working on refinancing existing projects, and closing deals. As it is across the industry, business is slow, but we are planning for the upturn next year.

As part of that plan, we’re gearing up here at home. Stay tuned for announcements about our new website, new hires, and new markets. In the meantime, enjoy the rest of your summer, and get ready for good things to come!

Please schedule a call if you have questions or want to discuss your next project. 

Current Rates

The Deal is Done

West Catawba Apartments of Cornelius, NC

AGM is proud to announce the successful closing of a $44,278,400 construction-permanent loan for the development of West Catawba Apartments in Cornelius, North Carolina. The sponsor, Newcastle Development, will provide 195 Class A apartments with an excellent amenity package, including a community room and resident Great Room lounge overlooking the resort-style pool and surrounding courtyard. The community will include two three-story walk-up townhouse buildings and two four-story elevator-served buildings. Building exteriors will feature a combination of Hardie-Plank and stone. The project will provide 324 surface parking spaces with 10 garages available for rent and 13 storage units.