GMAC Commercial Mortgage Affordable Housing Division Arranges Fannie Mae Credit Enhancement for California's Largest Single Multifamily Tax-exempt Bond Issuance in 2002.Business Editors/Real Estate Writers DENVER--(BUSINESS WIRE)--Jan. 27, 2003 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 Affordable Housing Division (GMACCM AHD AHD Ahead AHD American Heritage Dictionary AHD Australian Height Datum AHD Arrowhead AHD Airhead AHD Academic Honors Diploma AHD Alveolar Hydatid Disease AHD Advanced Help Desk AHD Atherosclerotic Heart Disease ) is pleased to announce it has arranged a Fannie Mae Fannie Mae: see Federal National Mortgage Association. credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for $65,700,000 of tax-exempt and $3,000,000 of taxable variable rate bonds. The bonds were issued by the Association of Bay Area Governments The Association of Bay Area Governments (ABAG) is a regional planning agency incorporating various local governments in the San Francisco Bay Area in California. It deals with land use, housing, environmental quality, and economic development. to finance the construction of The Crossing - San Bruno--a 300-unit multifamily housing project located in San Bruno, Calif. The housing component is the first phase of construction to break ground on the 20-acre mixed-use project, being jointly developed by Regis Homes of Northern California and TMG TMG - TransMoGrifier. An early language for writing recursive descent compilers. It was macroed from the IBM 1604 to the IBM 709 to the IBM 7094 to the GE-635, where it was used by McIlroy and Morris to write the EPL compiler for Multics. Partners. The financing was the largest single multifamily tax-exempt bond issuance in California for 2002. California Urban Investment Partners, a joint venture between MacFarlane Partners and CalPERS, provided the equity, and Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. provided interim construction financing. "The Crossing - San Bruno was a challenging financing for Fannie Mae given its size and deal complexity. Because of the strength of the development team and our ability to provide creative solutions, we were able to work through many issues that may have been stumbling blocks for other lenders," said Steven Fayne, managing director of GMACCM AHD. Fayne continued, "GMACCM AHD was able to come up with a unique structure to provide for an earnout of additional loan proceeds which had not before been utilized in a Fannie Mae tax exempt bond structure." With the closing of The Crossing - San Bruno, GMACCM AHD will have completed its first year as a newly-formed unit of GMAC Commercial Holdings Capital Corp. Since its inception GMACCM AHD has provided in excess of $1 billion dollars of financing commitments for multifamily affordable housing throughout the country. In 2003, GMACCM AHD hopes to become Fannie Mae's leading provider of affordable housing finance under the Delegated Underwriting and Servicing (DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) ) program. Newman & Associates, a division of GMAC Commercial Holding Capital Markets Corp., structured and underwrote the bonds and will serve as the remarketing agent for the variable rate bonds. GMAC Commercial Holding Capital Corp., formerly known as Newman Financial Services, Inc., was founded in 1978 to specialize in real estate finance, and Newman & Associates is one of the largest real estate investment banking firms in the country. Headquartered in Denver, GMAC Commercial Holding Capital Corp. also has offices in Manhattan Beach, Pasadena, San Diego; Atlanta; Chicago; Horsham, Pa.; Houston, Texas; New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; New Orleans; Seattle; and Washington D.C. Press releases and other information about GMAC Commercial Holding Capital Corp., its family of companies, products and services are available at www.newmanfs.com or www.gmacchcapital.com. GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810. |
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