AMI Capital Closes $2.7 Million Apartment Loan in New Jersey.

Business Editors

ALEXANDRIA, Va.--(BUSINESS WIRE)--Nov. 7, 2000

AMI Capital, Inc. closed a $2,652,000 loan on a 120-unit mid-rise apartment complex located in Orange, New Jersey.

The Fannie Mae DUS refinance loan, at a rate of 7.9 percent, carries a 10-year term with 30-year amortization and a 9.5-year yield maintenance. The loan-to-value was 80 percent, and debt service coverage was 1.25. Occupancy at closing was 93 percent. Tom Demery, vice president of sales located in the company's Alexandria, Virginia office, handled the transaction.

Reynolds Terrace Apartments, located at 248 Reynolds Terrace in Orange, was built in 1960. Amenities include on-site laundry rooms, a clubroom, a security intercom system, and controlled limited-access gates to the parking lot.

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing complexes, office buildings, luxury hotels, 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 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 Alexandria, VA, Atlanta, Columbus, OH, Denver, Kansas City, Los Angeles and Phoenix.