AMI Capital Closes $2.5 Million Loan On Oklahoma Apartments; Fannie Mae ARM Product Meets Borrower's Needs.Business Editors KANSAS CITY, MO--(BUSINESS WIRE)--March 17, 2000 The Kansas City office of AMI Capital, Inc. closed a $2,488,000 loan on a 141-unit apartment complex in Norman, Oklahoma. AMI Capital refinanced the Pines of Norman through a Fannie Mae MBS/DUS Adjustable Rate Mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. (ARM) product. The financing is a 10-year convertible loan with a one-year lockout lockout, intentional closing up of a company, factory, or shop by an employer to prevent employees from working during a strike or labor dispute. The term lockout . Loan-to-value was 80 percent and debt service coverage was 1.36. The apartment complex, built in 1970, was 97 percent occupied at closing. Amenities include a pool, volleyball and racquetball courts and two laundry facilities. The Pines of Norman's one-bedroom units offer additional appeal because they are considerably larger than most other one-bedroom apartments in the Norman market. 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 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, Atlanta, Columbus, Denver, Kansas City, Los Angeles and San Francisco. |
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