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POWAY, CA-A Maryland-based mortgage lender recently closed a $1.83-million, 90-day adjustable-rate mortgage refinance loan for a 26-unit apartment building here. The 10-year Fannie Mae loan, made at a rate of 5.58% with a loan-to-value ratio of 77.5%, was handled by Dan Mercer, managing partner of AMI Capital Corp.’s Phoenix office. The loan had a 30-year amortization with a seven-year yield maintenance.

Monte Vista Apartments, located at 12547 Oak Knoll Rd., is a class B apartment property that was fully occupied at the time of closing. The apartment market in San Diego County is among the tightest in the nation, with average vacancy factors below 1%.

The property includes a pool, Jacuzzi, carport, laundry room, playground and other features. AMI Capital, headquartered in Bethesda, MD, has accumulated a loan portfolio of more than $2.2 billion since its 1990 inception.

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