GMAC Commercial Mortgage Arranges $33 Million in Permanent Financing for Four Pennsylvania Office Properties.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Feb. 8, 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 Corporation (GMACCM) has arranged $33,000,000 in financing for a four-property office portfolio. The properties are located in Mechanicsburg, Allentown, and Wyomissing, Pennsylvania Wyomissing is a borough in Berks County, Pennsylvania, United States, established on July 2, 1906. The population was 8,587 at the 2000 census, but after the 2001 merger with neighboring Wyomissing Hills, the combined 2000 Census estimate was 11,155 making it the most populous . SFN SFN Society For Neuroscience SFN Single Frequency Network SFN Stratifin SFN Soccer Fans Network (website) SFN Short File Name (eight legal characters and a period) SFN Stern Fan Network PA, L.L.C., the borrower, received $33,000,000 in 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. with a 30-year amortization. The properties comprise a total of 358,448 square-feet situated on 29.47 acres: -- The Hillside Corporate Center, Mechanicsburg, PA: 79,875 square-feet on 5.7 acres. -- Executive Park, Wyomissing, PA: 52,841 square-feet on 6.73 acres -- Winchester Plaza, Allentown, PA: 145,857 square-feet on 10.21 acres -- Winchester Corporate Center, Allentown, PA: 79,875 square-feet on 6.83 acres. Each of the buildings have three floors and an average occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of 95%. GMACCM Vice President John Motzel of GMACCM's Red Bank 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 Commercial Holding Corp. 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 $90 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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