|AMI Capital Closes $925,000 Office Loan in Phoenix
PHOENIX--(BUSINESS WIRE)--Aug. 10, 2001--AMI Capital, Inc. closed a $925,000 refinance loan on a 10,265-square-foot office building in Phoenix, Arizona.
The loan, at a rate of 7.75 percent, was for a term of 10 years with a 30-year amortization. The loan-to-cost was 80 percent, loan-to-value was 75 percent and debt service coverage was 1.25. Dan Mercer, managing director of the firm's Phoenix office, handled the transaction on behalf of a client new to AMI Capital. The closing was on July 31, 2001.
Summit Office Building, located at 4144 N 44th Street in Phoenix, is a Class ``B'' property built in 1981 and renovated in 2000. It was 100 percent occupied at closing. The office building contains five tenants.
|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.
AMI Capital, Inc., Bethesda
Rachel E. Reynolds