GMAC Commercial Mortgage Acquires Westco Real Estate Finance.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--March 4, 2002 GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corporation (GMACCM) announced today it has acquired the commercial mortgage banking assets of Westco Real Estate Finance Corp., a full-service commercial mortgage banking firm based in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. . Terms were not announced. Westco focuses on the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, market, specializing in originations for life insurance companies. It currently serves as correspondent for more than 20 institutional capital sources. "This strategic acquisition will complement and expand GMACCM's already substantial presence in Southern California and provides a basis for continued growth in one of the top commercial real estate markets in the U.S.," said Jeffrey Covill, Senior Vice President, Managing Director and Western Regional Manager for GMACCM. Westco's principal shareholders, Craig Rommel and Steve Beck said: "Our ten producers, together with their support staff, are excited about joining the GMACCM family. We believe the expanded array of lending sources brought by GMACCM will allow us to even better serve our borrowers' needs." Westco, based in Costa Mesa Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , has offices in Long Beach, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and San Diego. It was founded in 1988 and employs some 30 people. For fiscal 2002, ended Jan. 31, the company closed on approximately $500 million in gross production volume. GMACCM, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of GMAC Commercial Holding Corp., is the leading U.S. financial solutions provider serving commercial real estate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of commercial mortgages. The diverse lending and servicing specialist has more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $134 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending. Press releases and other information about GMACCM and its products and services are available at http://www.gmaccm.com on the Internet. |
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