AMI Capital Closes $10.6 Million On Two Historic Kansas City Apartments.Business Editors KANSAS CITY, Mo.--(BUSINESS WIRE)--Oct. 12, 2000 AMI Capital, Inc. has funded the rehabilitation of two historic downtown Kansas City Downtown Kansas City, Missouri, the central part of the Kansas City Metropolitan Area, is defined by the Kansas City, Missouri Downtown Council and City Hall officials as the area located between the Missouri River in the North, to 31st Street in the South; and from the buildings for a total of $10.6 million. The classic and ornate buildings will become apartments. The structures, located near each other, are currently undergoing historic renovation, converting them to loft-style apartments. Construction is scheduled for completion by March 1, 2002. Both properties have qualified for federal and state historic tax credits. Mark Levin, managing director of AMI Capital's Kansas City office, originated the financing. EBT EBT See: Earnings Before Taxes Building, located at 1601 Walnut Street, will consist of 102 units and was financed for $6,560,000 at 7.155 percent. The cash forward commitment with rate lock loan and security was funded through Fannie Mae Fannie Mae: see Federal National Mortgage Association. . The loan carries a 10-year term with a 30-year amortization. Loan-to-value was 83 percent; loan-to-cost was 58 percent; and debt service coverage was 1.20. Lease up is expected to be completed by August 1, 2001. The apartment building features a clubroom club·room n. A room used for meetings or activities of a club. Noun 1. clubroom - a room used for the activities of a club , fitness center, Jacuzzi and has free parking. Campbell Paint Building, at 1535 Walnut Street, will consist of 58 apartments and was financed for $4,385,000 at 7.155 percent. The cash forward commitment with rate lock loan and security was funded through Fannie Mae. The loan carries a 10-year term with a 30-year amortization. Loan-to-value was 82 percent; loan-to-cost was 60 percent; and debt service coverage was 1.20. Lease up is expected to be completed by August 1, 2001. The property has storage lockers for each unit and free parking and also features a clubroom, fitness center and Jacuzzi. 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 $1.7 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 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 Alexandria, VA, Atlanta, Columbus, OH, Denver, Kansas City, Los Angeles and Phoenix. |
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