AMI Capital Closes $8.3 Million Loan On 288-Unit Complex in California.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--April 4, 2000

AMI Capital, Inc. closed a $8,332,000 loan on a 288-unit apartment complex in San Mateo, California.

AMI Capital placed a third mortgage loan on Lake Pines Apartments using the Fannie Mae DUS product. The financing, with an approximate six-year term, is co-terminus with a Fannie Mae first and second mortgage. Loan-to-value on the combined three loans was 74 percent and debt service coverage was 1.25. The loan closed on March 22, 2000.

The apartment complex, built in 1971 and renovated during 1997 and 1998, includes recreational amenities such as a swimming pool, sauna, basketball court, business center with computers and printer for tenants and an exercise facility.

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 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, Atlanta, Columbus, Denver, Kansas City, Los Angeles and San Francisco.