|AMI Capital Closes $3.4 Million Shopping Center Loan in Tucson
PHOENIX--(BUSINESS WIRE)--July 24, 2001--AMI Capital, Inc. closed a $3,370,000 acquisition loan on an 86,505-square-foot retail property in Tucson, Arizona.
The loan, at a rate of 7.60 percent, is for a term of five years. The loan-to-value was 75 percent, loan-to-cost was 80 percent, and debt service coverage was 1.3. Dan Mercer, managing director of the firm's Phoenix office, handled the transaction on behalf of a client new to AMI Capital.
Saguaro Vista Shopping Center, located at the southwest corner of Speedway Boulevard and Pantano Road in Tucson, was built in 1981 and was 94 percent occupied at closing. The transaction closed in 34 days.
|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.
Rachel E. Reynolds