GMAC Commercial Mortgage Arranges $28 Million Financing for California Apartment Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Nov. 29, 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 $28,000,000 in floating-rate 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. for a Roseville, California Roseville is a city in Placer County, California, located in the metropolitan area of Sacramento. As of January 1 2007 the population was 106,266. Interstate Highway 80 runs through Roseville and California Route 65 bisects the northern part of the city. apartment property. The Preserve at Creekside is a garden-style apartment community, which contains 336-units. The property has a total of 221,888 square-feet and is situated on a 10-acre site. It is located five miles north of Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. . Amenities include a clubhouse, swimming pool, fitness center and detached garages. The Grupe Company is the developer. GMACCM Vice President Owen Maguire of the Philadelphia retail production office 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 $125 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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