The 10-year term, with 30-year amortization, carries a 7.75% interest rate. The LTV is 75%; loan-to-cost, 80%; and debt service coverage, 1.25%. Dan Mercer, AMI's managing director in the Phoenix regional office, put together the package on behalf of a new client, who is not being identified.
The 100%-occupied Summit is a class B property, built in 1981 and renovated in 2000. There are five tenants in the building, situated at 4144 N. 44th St.
AMI Capital, headquartered in Bethesda, MD, 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. AMI Capital also has regional offices in Alexandria, VA, Atlanta, Denver, Kansas City and Los Angeles.
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