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 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 Inc., whose assets exceed $3 billion.

The firm's product line consists of Fannie Mae DUS, 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, Portland, San Francisco and Tampa.