AMI Capital Inc. Closes Construction Loan on Georgia Apartments; $14.4 Million FHA Loan to Build 240-Unit Complex.

BETHESDA, Md.--(BUSINESS WIRE)--Nov. 3, 1998--AMI Capital Inc. has closed a $14.4 million construction loan on an apartment complex to be built in Georgia. The loan, originated out of AMI's Atlanta office, is a Federal Housing Administration (FHA) Section 221(d)(4) loan.

AMI fixed the rate at 6.85 percent on the loan to construct Summerset Apartments, a 240-unit project in Conyers, Ga. AMI structured the transaction as a 40-year fully amortizing loan upon completion of construction.

The multifamily rental property will consist of nine three-story buildings sitting on 25 acres with a mix of one-, two- and three-bedroom apartments. The luxury project will include garages as well as a clubhouse, swimming pool and tennis courts.

"FHA loans are one of many products that AMI Capital is prepared to deliver to the marketplace," said Michael Sullivan, president of AMI Capital. "Our Atlanta office originates and underwrites FHA loans nationwide and possesses the necessary expertise to make lending decisions swiftly as well as act as a liaison with HUD representatives.

"Our customer satisfaction rating for FHA products is high, and we are committed to continuing to provide high-quality service to clients," added Sullivan.

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.