AMLI Residential Closes on $140 Million Financing

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AMLI Residential Closes on $140 Million Financing

    CHICAGO, June 6 /PRNewswire/ -- AMLI Residential Properties Trust
(NYSE: AML) announces that it has closed on a $140 million mortgage financing
for seven of its stabilized communities.  The interest rate on the loan is
6.56% with a loan term of 10 years and amortization over a 30-year schedule.
The financing was provided by Freddie Mac through GMAC Commercial Mortgage
Corp., a member of Freddie Mac's Program Plus(R) lender network.  The proceeds
will be used to reduce the outstanding balance on AMLI's primary line of
credit.  Additionally, AMLI has concurrently reduced the commitment amount
under its current line of credit by $50 million to $200 million.
    "We are very pleased with this transaction," stated Robert Chapman, AMLI's
CFO.  "It allows us to extend the average age of our debt maturities at an
attractive long-term fixed rate.  The financing, which cross-collateralizes
each community, also permits release and substitution of collateral and
contains other features that provide us with a high degree of financial
flexibility.  We appreciate the creative efforts by Freddie Mac and GMAC in
this regard."
    Mr. Chapman continued, "We considered a number of financing alternatives,
but this execution enabled us to borrow at a much lower rate than unsecured
debt.  Additionally, we were able to borrow at a higher loan to value than the
advance rate on our unsecured line of credit, allowing us to support this
financing with fewer assets and increase the unused availability under our
line of credit, while maintaining our current overall corporate debt ratios."
    The AMLI(R) portfolio currently includes 71 apartment communities
containing 27,586 apartment homes, with an additional 2,217 apartment homes
under development or in lease-up in six locations.  AMLI Residential is
focused on the development, acquisition and management of institutional
quality multifamily communities in the Southeast, Southwest, Midwest and
Mountain regions of the U.S.  AMLI Residential also serves as institutional
advisor and asset manager for large pension funds, tax-exempt foundations and
other financial institutions with respect to their multifamily investment
activities.  AMLI employs approximately 875 people who are dedicated to
achieving AMLI's mission -- Provide An Outstanding Living Environment For Our
Residents.
    AMLI press releases and other company information are available at AMLI's
web site located at http://www.amli.com .

SOURCE AMLI Residential Properties Trust

http://www.amli.com
Company News On-Call:

http://www.prnewswire.com/comp/121644.html or fax,
800-758-5804, ext. 121644
CONTACT:
Robert J. Chapman, CFO, 312-984-6845, or
Brian Cranor, Senior V.P., 317-524-2504, both of AMLI Residential
Properties Trust