GMAC Commercial Mortgage Arranges $23 Million Financing for San Francisco Office Building.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 26, 2000 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 (GMACCM) has provided $23 million in financing for a seven-story Wells Fargo office building in downtown San Francisco. The fixed-rate, permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. was funded by Nationwide Life Insurance Company. The building, located at 633 Folsom Street, contains a total of 171,632 square-feet, was constructed in 1967 and renovated in 1994 and 1999. GMACCM Senior Vice President Mitchell Thurston of the San Francisco office arranged the transaction. GMAC Commercial Mortgage, based in Horsham is 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. It is the nation's leading one-stop financial resource for the commercial real estate industry. The diverse lending, servicing 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. specialist has more than 50 offices nationwide and operations in Canada, Japan, Ireland and France. GMACCM has a servicing portfolio of over $81 billion, and provides a variety of financing products and services including permanent, interim, and construction financing, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through the Internet. It is also the nation's largest Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. servicer. 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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