AMI Capital, Inc. Arranges Financing of $19.6 Million for Class a Garden Complex in Florida.BETHESDA, Md.--(BUSINESS WIRE)--Aug. 24, 1999-- The Dallas office of AMI Capital, Inc., working in conjunction with New Orleans-based J.M.Madderra/Corporate Realty, has arranged for the refinancing of the permanent loan on a 308-unit Class A apartment complex in Clearwater, Florida. The refinancing of Audubon Villas at Feather Sound, a Class A project built in 1992, was funded by a first mortgage loan of $16,300,000 from the Dallas office of Bank United with additional mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the of $3,300,000 supplied by a client of Prudential Real Estate Investors. The property consists of 14 three-story, wood frame apartment buildings with a stucco finish and barrel tile roofs. Forty-five percent of the facility consists of one-bedroom apartments, 45 percent are two-bedroom apartments and the remaining 10 percent of the facility consist of three-bedroom apartments. The borrower is a Louisiana limited partnership comprised primarily of a prominent New Orleans-based development and management company. AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing complexes, office buildings, industrial properties, retail centers and senior housing. Since its inception in 1990, AMI Capital's portfolio has grown to more than $1.5 billion. Headquartered in Bethesda, Maryland, AMI Capital's principals include ULLICO ULLICO Union Labor Life Insurance Company Inc., whose assets exceed $3 billion. The firm's product line consists of Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) , FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). and commercial programs, including conduits and life insurance financing products. AMI Capital's regional offices are located in Atlanta, Boca Raton, Chicago, Columbus, Dallas, Denver, Kansas City, Los Angeles, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Portland, San Francisco and Tampa. |
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