$9M Mortgage for Berkshire Apartments

COLORADO SPRINGS, CO-AMI Capital Inc. of Bethesda, MD, has closed a $9-million Fannie Mae DUS refinance loan on the 312-unit Berkshire Apartments in this city about 60 miles south of Denver. The Berkshire is a class-C property at 2055 Mittenwald Dr.

AMI originated the transaction on behalf of their borrower.

The loan has a 10-year term and a 30-year amortization, with a 9.5% annual yield maintenance. The loan carries a rate of 6.9% rate. Loan-to-value is 65.03% and debt service coverage is 1.35.

The property, built in 1972, is 94% occupied.

The community features brick and stucco exteriors with wood frames. Amenities include two pools, two saunas, Jacuzzi and clubhouse. Washer and dryer hookups are available in some of the two- and three-bedroom units.

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 too more than $2.27 billion.