AMI Capital Closes $3 Million Apartment Loan in Virginia.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--Oct. 20, 2000

AMI Capital, Inc. closed a $3,015,000 loan on a 132-unit apartment complex located in Newport News, Virginia.

The permanent Fannie Mae DUS loan, at a rate of 8.07 percent, carries a 15-year term with 30-year amortization. The loan-to-value was 90 percent, and debt service coverage was 1.15. Peter Sharp, director of commercial finance in AMI Capitals Bethesda office, handled the transaction.

Lexington Commons Apartments, located at 14534 Old Courthouse Way in Newport News, was built in 1996. Amenities include laundry rooms, a clubroom, pool table and courtesy van.

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 Capitals portfolio has grown to more than $1.7 billion.

Headquartered in Bethesda, Maryland, AMI Capitals principals include ULLICO Inc., whose assets exceed $3 billion. The firms product line consists of Fannie Mae DUS, FHA and commercial programs, including conduits and life insurance financing products. AMI Capitals regional offices are located in Alexandria, VA, Atlanta, Columbus, OH, Denver, Kansas City, Los Angeles and Phoenix.