GMAC Commercial Mortgage Arranges $32 Million in Acquisition Financing for Long Island, NY Office Building.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--May 25, 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 Corp. (GMACCM) has arranged $31,700,000 in acquisition and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for a Long Island, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office building. The property, called 201 Old Country Road, is located at 201 Old Country Road in Melville, Suffolk County, and Long Island, New York Island. It received a $31,700,000 acquisition loan. 201OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. .COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. L.L.C., a venture of the Parr Organization and Pitcairn Properties, Inc., is the borrower. The acquisition and equity funding was used to convert the three-story property into a modern multi-tenant office building offering 260,000 square feet of rental space. Keyspan Energy Management Inc. and Island Mortgage Network are lead tenants. Situated on 15 acres, the building is the former headquarters of Long Island Savings Bank. GMACCM Senior Vice President and Regional Manager Edward D. Riedlinger of GMACCM's Horsham, PA office arranged the transaction. GMAC Commercial Mortgage, based in Horsham, PA 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. It is the nation's leading one-stop financial resource in the commercial banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $80 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 a Small Loan division. News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion