AMI Capital Closes $10.9 Million Loan on Las Vegas Apartments; Fannie Mae MBS/DUS Refinancing For 216-Unit Complex.

BETHESDA, Md.--(BUSINESS WIRE)--Nov. 19, 1998--AMI Capital Inc. has closed a $10,951,600 refinancing on an apartment complex on the northwest side of Las Vegas.

The loan originated out of AMI's Bethesda office, and was completed in 30 days, from application to close.

AMI fixed the rate on the 79 percent loan-to-value mortgage at 6.68 percent. The transaction on The Arbors on Decatur Apartments, a 216-unit garden-style complex, was structured as a 10-year term loan with 30-year amortization.

The property consists of 14 two-story buildings constructed in 1989, which are located just 2-1/2 miles west of The Strip in Las Vegas. The complex was 94 percent occupied at closing. Amenities include a swimming pool, clubhouse, weight room, assigned carport parking spaces and gated access. Units include full-size washers and dryers.

"Given our years of experience in Fannie Mae mortgage products, we are able to process and close loans quickly, as is evidenced by the 30-day application-to-close timetable on this loan," said Michael Sullivan, president of AMI Capital. "By moving swiftly, we are able to capitalize on the market's recent reluctance to pursue conduit loans and its shift toward Fannie Mae mortgages and other financing sources."

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing properties, office buildings, industrial properties and retail centers. Since the firm's inception in 1990, its portfolio has grown to more than $1.5 billion. AMI is growing at a rate of 20 percent annually. AMI Capital, with headquarters in Bethesda, is owned by ULLICO Inc., whose assets exceed $3 billion.

Shortly after its founding in 1990, AMI Capital became an industry leader in Fannie Mae's DUS program. In 1995 the company won the "DUS Lender of the Year" award, and in 1996 it received the "Top Gun" award from Fannie Mae, recognizing its "record of excellence and loan volume."

In recent years, AMI has expanded its product line to include customized commercial financing solutions with fixed or floating rates, interim/bridge and construction loans, pool revolving credit lines, tax exempt credit enhancements, conduits, FHA/GNMA and life insurance loan programs.

AMI Capital has five internal departments providing turnkey mortgage services. These include: origination (sales and marketing); screening (initial review of financials to determine a loan's feasibility); underwriting (loan processing, underwriting and closing); financing and accounting; and loan servicing (collecting payments, insurance, and taxes and inspecting properties).

In addition to its Bethesda headquarters, AMI Capital has regional offices in Atlanta; Boca Raton, Fla.; Chicago; Dallas; Denver; Detroit; Los Angeles; and San Francisco.