AMI Capital Processes $10.7 Million Loan On Virginia Apartments.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--June 29, 2000

FHA 221(d)4 Product Meets Borrower's Needs

AMI Capital, Inc. processed a $10.7 million construction and permanent loan on a Virginia apartment complex using its competitive FHA 221(d)4 product. AMI Capital's FHA Team offers HUD loan programs through its Bethesda, Atlanta and Denver offices.

AMI Capital processed the loan through the Richmond, Virginia HUD office at an interest rate of 7.75 percent. The 40-year non-recourse loan had a loan-to-cost of 89 percent and a debt service coverage of 1.17. The 150-unit, one- and two-bedroom complex will be built in Stafford, Virginia.

"We are very excited about HUD's new MAP (Multifamily Accelerated Processing) Program which will significantly speed up turn-around time on transactions like this one," said Holly Bray, Director of FHA Finance, who handled the Malvern Lakes deal. "HUD has made a commitment to process new construction loans in 45 days or less, so we expect to be really busy."

The complex, which will be completed in 2001, includes amenities such as a clubhouse, pool, volleyball court, tot-lot, car care center, tennis court, and a walking/jogging trail. The units include sunrooms, vaulted ceilings, fireplaces, and balconies and patios.

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing complexes, office buildings, 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, 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 (VA), Atlanta, Columbus (OH), Denver, Kansas City, Los Angeles, Phoenix and San Francisco.