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October 22, 2001


AMI Capital, Inc. announced that it closed a $7 million streamline refinance loan on a class B,154-unit apartment community in Dayton, Ohio. Spinnaker Cove Apartments, built in 1993, were 92.2 percent occupied at closing. The 7.12% Fannie Mae DUS loan 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 ratio was 1.25 times. The transaction required a waiver of the Fannie Mae Guide, Part III, Section 202 corporate tenancy requirements, and Fannie worked diligently to make the financing possible. Fannie'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.
Legacy Hotels Real Estate Investment Trust announced it has completed a mortgage financing for The Fairmont Royal York hotel. CDP Mortgages -- which claims to be one of Canada's leading mortgage lenders -- provided a ten-year term mortgage financing in the principal amount of $162.5 million at a fixed interest rate of approximately 8%. The proceeds are being used by Legacy to repay existing bank debt. RBC Dominion Securities Inc. acted as sole financial advisor to Legacy.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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