AMI Capital Closes $20 Million Apartment Loan in Ohio.

Business Editors

COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 22, 2000

AMI Capital, Inc. funded a $19,750,000 forward commitment for a 10-year loan on an apartment community located in Liberty Township, Ohio, a suburb of Cincinnati.

Four Bridges Apartments will feature 266 luxury residences when construction is completed in May 2002.

The forward commitment closed November 3, 2000, at a rate of 7.77 percent. Tom Lusk, regional director of AMI Capital's office in Columbus, Ohio, handled the transaction. Loan-to-value was 77.6 percent; loan-to-cost was 79 percent; and debt service coverage was 1.25.

Unit amenities include full-size washer and dryer hookups, microwave ovens and some apartments will feature fireplaces and cathedral ceilings. The community will include 20 attached garages, 80 detached garages and will be protected by monitored security. The property's design includes a 23,000-square-foot clubhouse with restaurants, locker rooms, a fitness center, basketball and volleyball courts, tennis courts and two swimming pools.

Upon completion, Four Bridges Apartments will be the final structure in a larger planned unit development that includes an 18-hole championship golf course, where tenants will have membership access.

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing communities, 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 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. AMI Capital's regional offices are located in Alexandria, VA, Atlanta, Columbus, OH, Denver, Kansas City, Los Angeles and Phoenix.