AMI Capital Closes $9.7 Million Apartment Loan; Lender Provides Acquisition Financing for 268-Unit Complex.Business Editors BETHESDA, Md.--(BUSINESS WIRE)--Oct. 24, 2000 AMI Capital, Inc. closed a $9,680,000 acquisition loan on a 268-unit apartment complex located in Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. . AMI Capital provided a Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) loan at a rate of 7.97 percent. The loan carries a 10-year term with 30-year amortization. The loan-to-value was 77.44 percent; loan-to-cost was 80 percent; and debt service coverage was 1.25. Occupancy at closing was 96.64 percent. Carroll Kisser, senior vice president in AMI Capital's Bethesda office, handled the transaction. Avalon Woods Apartments, located at 5624 Maple Run Lane in Richmond, was built in 1986. Community features include a swimming pool, spa, clubhouse and tennis courts. Interior amenities include a washer-dryer in each unit and a full complement of modern appliances. 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 Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from , AMI Capital's principals include ULLICO ULLICO Union Labor Life Insurance Company Inc., whose assets exceed $3 billion. The firm's product line consists of Fannie Mae DUS, FHA See Federal Housing Administration. FHA See Federal Housing Administration (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. |
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