AMI Capital Closes $7 Million Multifamily Loan in Dayton, OH

Business Wire, Oct 17, 2001

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--Oct. 17, 2001

AMI Capital, Inc. closed a $7,000,000 streamline refinance loan on a 154-unit apartment community in Dayton, Ohio.

The Fannie Mae DUS loan, at a rate of 7.12 percent, had a 10-year term and a 30-year amortization with 9.5-year yield maintenance. The loan-to-value was 80 percent, and debt service coverage was 1.25. AMI Capital's Customer Focus Group handled the transaction for a valued, repeat customer.

Spinnaker Cove Apartments, located at 1570 Spinnaker Way, is a class B property that was built in 1993. It was 92.2 percent occupied at closing. Amenities include garage parking, a clubhouse, a pool, tennis courts, and a rent equity program to assist in the purchase of a Simms Condominium.

The transaction required a waiver of the Fannie Mae Guide, Part III, Section 202 corporate tenancy requirements, and Fannie Mae worked diligently to make the financing possible on behalf of all parties involved. The property is currently in excess of 10 percent corporate tenancy and has a single corporate tenant occupying more that 5 percent of total units.

Fannie Mae's waiver allows corporate tenancy henceforth to be 20 percent corporate tenancy with any single corporate tenant using up to 10 percent of total units. AMI Capital was pleased with the strong Fannie Mae relationship, enabling the firm to meet its customer's needs.

AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing communities, office buildings, hotels, industrial properties, retail centers and senior housing. Since its inception in 1990, AMI Capital's portfolio has grown to more than $2.2 billion.

Headquartered in Bethesda, Maryland, AMI Capital'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, Denver, Kansas City, Los Angeles and Phoenix.