GMAC Commercial Mortgage Arranges $19.33 Million in Financing for Kansas Multifamily Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--June 19, 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) has arranged a $19,330,000 Fannie Mae Fannie Mae: see Federal National Mortgage Association. Forward 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 using low floater Floater A bond or other type of debt whose coupon rate changes with market conditions (short-term interest rates). Also known as "floating-rate debt". Notes: For example, a floater bond may have the coupon rate set at "T-bill rate plus 0.5%". , tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing for a Topeka, Kan. apartment complex. The 318-unit Summit Woods apartments will be located at NWQ 21st and Wanamaker Street. The property consists of twelve-building property containing a total of 332,520 square-feet and is situated on 16.18 acres. Summit Woods will provide both affordable and market rate units. Amenities include a clubhouse, swimming pool, business center and a fitness center. Each unit is equipped with a washer, dryer, and a complete sprinkler system. The groundbreaking was in late April 2002. The club house and the first two apartment buildings are expected to be completed in November 2002 with the balance of the project scheduled for completed by late spring 2003. GMACCM Vice Presidents Bill Ulm and Kay Monette of the Kansas City retail loan origination office arranged the transaction through Capri Capital. Summit Wood Apartments, LP received the funding. GMAC Commercial Mortgage, 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 and its affiliates have more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $150 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. 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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