AMI Capital Closes $4.3 Million Multifamily Loan in Redlands, CA.

Business Editors

KANSAS CITY, Mo.--(BUSINESS WIRE)--Sept. 27, 2001

AMI Capital, Inc. closed a $4,268,000 refinance loan on a 109-unit apartment community in Redlands, California.

The Fannie Mae DUS loan, at a rate of 7.245 percent, had a 10-year term and a 30-year amortization with 9.5-year yield maintenance. The loan-to-value was 80 percent, and debt service coverage was 1.25. Managing director of the firm's Kansas City office, Mark Levin, handled the transaction on behalf of a client new to AMI Capital.

Cypress Garden Apartments, located at 520 Hibiscus Drive, is a class B property that was built in 1972. It was 99 percent occupied at closing. The community consists of terraced apartment homes amidst a park-like setting with amenities such as covered parking, laundry facilities, swimming pool, recreation room and meeting room with a kitchen.

In-unit amenities include private patios and balconies and fireplaces in select units.

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing communities, office buildings, hotels, industrial properties, retail centers and senior housing. Since its inception in 1990, AMI Capital's portfolio has grown to more than $2.2 billion.

Headquartered in Bethesda, Maryland, AMI Capital'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, Denver, Kansas City, Los Angeles and Phoenix.