GMAC Commercial Mortgage Arranges $165 Million Financing for Industrial Property Portfolio.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Jan. 3, 2001 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 Corp. (GMACCM) has arranged $164,686,000 financing for an industrial property portfolio. The properties are located in Nassau and Suffolk Counties, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The financing consists of two pieces including, floating and fixed-rate funding. The floating-rate is made up of 26 industrial and office properties. Long Island Industrial Group, L.L.C., the borrower, received $128,203,000 in interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. with a floating interest-rate and an interest-only amortization. The properties comprise 2,536,291 square-feet situated on 167.8 acres. The fixed-rate portion consists of nine industrial properties. Long Island Industrial Group, L.L.C., the borrower, received $36,483,000 in permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. at a 10 year fixed-rate with a 30 year amortization. The properties comprise 864,627 square-feet situated on 59.4 acres. GMACCM Vice President John Motzel of GMACCM's Red Bank, New Jersey office arranged the transaction. GMAC Commercial is the leading U.S. financial solutions provider servicing commercial restate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , 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. With a servicing portfolio of more than $84 billion, it originated nearly $13 billion in commercial mortgage loans during 1999. News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet. |
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