GMAC Commercial Mortgage Arranges $21.7 Million in Financing for California Multifamily Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--May 1, 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 $21,700,000 in financing for a Torrance, California apartment complex. Located at 1117 West Sepulveda Boulevard, the 214-unit Woodbridge Apartments is comprised of 27 two-story buildings. The buildings are wood-frame construction on a concrete slab Concrete slab A shallow, reinforced-concrete structural member that is very wide compared with depth. Spanning between beams, girders, or columns, slabs are used for floors, roofs, and bridge decks. . The buildings, with eight units each, are designed so that every unit is a corner unit; therefore, the units enjoy light and ventilation from at least two directions. Woodbridge offers a mix of one, two, and three bedroom units appealing to a wide array of potential residents. As another option, especially appealing to those looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. home office space, the property also offers a two-bedroom/one bath plan. Kitchen amenities include white cabinetry with frost-free refrigerators and microwaves. Unit amenities include ceiling fans, wall-to-wall carpeting, and ample cabinet space. Common area amenities include gated access, two pools and one spa, a clubhouse, a business center with computer, fax and copy machines, one laundry facility, a fitness center, and four barbecue areas. There are a total of 407 parking spaces, 332 of which are carports. GMACCM Senior Vice President/Branch Manager Eric Flyckt and Assistant Vice President J.D. Choy of the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. retail loan origination office arranged the transaction through Fannie Mae Fannie Mae: see Federal National Mortgage Association. . 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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