|Bethesda, Maryland-based AMI Capital, Inc. (AMI) announced that it has closed a $1,829,600 refinance loan on the Monte Vista Apartments, a 26-unit apartment community in Poway, California. The Fannie Mae DUS loan had a 90-day LIBOR-based adjustable-rate mortgage at 5.58%, with a 10-year term and a 30-year amortization with seven-year yield maintenance. The loan-to-value (LTV) was 77.5 percent, and the debt service coverage ratio (DSCR) was 1.00 times (x) at the lifetime ceiling rate of 8.58%.
AMI also closed a a $4,100,000 refinance loan on Oakmont Estates Apartments, an 80-unit apartment community in Sioux Falls, South Dakota. The Fannie Mae DUS loan had a rate of 7.00 percent, a 10-year term and a 30-year amortization with 9.5-year yield maintenance. The LTV was 80%, and the DSCR was 1.25x.
A unit of Prudential Mortgage Capital Company (Prudential) announced that it recently originated a $17.2 million mortgage on behalf of FHA for the Seattle Housing Authority. The Seattle Housing Authority acquired the Wedgewood Estates Apartments, a 203-unit complex in Seattle, through the FHA 223(f) program, receiving an 85% LTV. The 35-year loan has a fixed rate of 5.72 percent.
Prudential closed a $2.8 million refinance loan secured by Southridge Professional Plaza, a medical office attached to a hospital in West Jordan, Utah. The 10-year loan has a rate of 7.45% and an amortization schedule of 27.5 years.
A $3.7 million acquisition loan secured by Rocky Face Village, a 52k square foot retail property in Dalton, Ga., was originated by Prudential. The property is anchored by a Food Lion grocery story and Family Dollar. The loan is 10-years, with a 7.26% interest rate an amortization schedule of 30 years.
Prudential closed a $2.5 million acquisition loan secured by North Dixie Plaza, a 70,355 square foot shopping center in Boca Raton, Fla. The shopping center is anchored by Sherwin Williams and Subway and built in 1978. The 10-year loan, which closed Aug. 31. The loan, with an interest rate of 7.37%, has a 22-year amortization schedule.
Prudential also closed a $3.1 million acquisition loan secured by a 14,490 square foot Walgreens in Germantown, Tenn. The loan was 10 years.
New York Life Insurance Company acted as lead lender of $58 million leasehold mortgage on a 27-story, 324-unit apartment building that was completed in March 2001. The property, one of four residential neighborhoods in Battery Park City, is just blocks from the site of the World Trade Center devastation. Gary E. Wendlandt, chairman and chief executive officer of New York Life Investment Management, noted that the leasehold mortgage contains an earn-out provision of not more than $10 million, subject to future qualifying factors.