AMI Capital Closes Loan on Dallas Apartment Complex; $5.1 Million Loan for 237-Unit Community in Texas.

BETHESDA, Md.--(BUSINESS WIRE)--Nov. 16, 1998--AMI Capital Inc. has closed a $5.1 million loan on an apartment complex in the northwest section of Dallas.

The loan, originated out of AMI's Bethesda office, is a Fannie Mae MBS/DUS loan.

AMI structured the transaction on Santa Fe Apartments, a 237-unit garden-style complex, as a 10-year term loan with 30-year amortization. AMI fixed the rate on the 80 percent loan-to-value mortgage at 6.70 percent.

The property consists of one- and two-bedroom apartments in six three-story buildings situated on 5.55 acres. The multifamily rental property, constructed in 1982, was 96 percent occupied at closing. The attractive complex includes a swimming pool, landscaped areas and limited-access gates, and the surrounding neighborhood is home to an elementary school and Bachman Lake Park.

"We are continuing to see increased mortgage activity in our Fannie Mae DUS product line," said Michael Sullivan, president of AMI Capital. "AMI Capital possesses years of experience in originating and underwriting Fannie Mae loans, and we're drawing deeply on that experience now as clients opt for these mortgages. Our core experience in this area has served us well."

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing properties, office buildings, industrial properties and retail centers. Since the firm's inception in 1990, its portfolio has grown to more than $1.5 billion. AMI is growing at a rate of 20 percent annually. AMI Capital, with headquarters in Bethesda, is owned by ULLICO Inc., whose assets exceed $3 billion.

Shortly after its founding in 1990, AMI Capital became an industry leader in Fannie Mae's DUS program. In 1995, the company won the "DUS Lender of the Year" award, and in 1996 it received the "Top Gun" award from Fannie Mae, recognizing its "record of excellence and loan volume."

In recent years, AMI has expanded its product line to include customized commercial financing solutions with fixed or floating rates, interim/bridge and construction loans, pool revolving credit lines, tax-exempt credit enhancements, conduits, FHA/GNMA, and life- insurance loan programs.

AMI Capital has five internal departments providing turnkey mortgage services. These include: origination (sales and marketing); screening (initial review of financials to determine a loan's feasibility); underwriting (loan processing, underwriting and closing); financing and accounting; and loan servicing (collecting payments, insurance, and taxes and inspecting properties).

In addition to its Bethesda headquarters, AMI Capital has regional offices in Atlanta; Boca Raton, Fla.; Dallas; Denver; Detroit; Los Angeles; and San Francisco.