|AMI Capital Closes $7.6 Million Apartment Loan in Denver
DENVER, Colo.--(BUSINESS WIRE)--July 27, 2001--AMI Capital, Inc. closed a $7,613,100 construction/permanent loan on a 74-unit multifamily property in a historic area near downtown Denver, Colorado.
The FHA 221(d)4 loan, at a rate of 6 percent excluding MIP, was funded through the sale of tax-exempt private activity bonds. The loan has a 40-year amortization after a 14-month construction period. The loan-to-cost was 85.9 percent, and debt service coverage was 1.11. Stephen A. Wessler, managing director of the firm's Denver office, handled the transaction for AMI Capital.
Highlands Gardens Village Apartments, located at 4717 W. 37th Avenue in Denver, is a Class ``A'' property with 61,122-square-feet of net rentable space. Construction is expected to be completed by July 2002, and targeted final lease-up is December 2002. Planned amenities include a 1,694-square-foot clubhouse/office, garages, balconies and ample storage. In-unit amenities include a washer and dryer, dishwasher, garbage disposal and built-in computer center.
``We're excited to have the project underway. It meets our mission ... we think the design is exciting,'' said Chuck Perry, a principal with Burgwyn, Perry & Rose, a Denver-based development and planning firm. The borrower is a Colorado limited partnership whose principals are involved in numerous urban renewal and urban infill developments.
``Our philosophy is to ... reweave the urban fabric of the city,'' Perry said. ``We create new housing in older areas that is consistent with the character of those areas.'' Perry went on to say that his firm's ``experience with AMI Capital was very good. They were very timely.''
Twenty-five percent (19) of the community's units are set aside at 50 percent of area median income levels. The building is part of a larger redevelopment area that was formerly Elitch Gardens Amusement Park, which possesses historic designation as Denver's first public zoo. Therefore, the new multifamily community was subject not only to Denver's PUD zoning approval process but also had to be consistent with the local Neighborhood Revitalization Plan.
|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 $2.1 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.
Rachel E. Reynolds