GMAC Commercial Mortgage Arranges $27 Million Financing for Washington, D.C. Hotel Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 5, 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 $27,000,000 in adjustable-rate acquisition financing for a Washington, D.C. hotel property. The Residence Inn Vermont Avenue Vermont Avenue is one of the longest running north/south streets in Los Angeles. Located just west of the Harbor Freeway for the major portion south of downtown Los Angeles, it starts in Griffith Park at the Greek Theatre in the Los Feliz neighborhood as a one-lane divided road (it is located in the nation's capital and was renovated in 1999. There are 202-units in this twelve-story interior corridor hotel. The building has a total of 158,000 square-feet and is situated on .37 acres. RIDC RIDC Regional Industrial Development Corporation RIDC Robotics Industry Development Council (Japan) , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control received the financing. The GMACCM Hospitality Industry Division in Washington, D.C. arranged the transaction. 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 servicing 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 has more than 60 offices nationwide. GMACCM has a servicing portfolio exceeding $105 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. Press 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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