GMAC Commercial Mortgage Arranges $39 Million Financing for Three Louisiana Hotel Properties.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--March 19, 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 $38,500,000 in permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for three hotel properties in Louisiana. -- The Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded Convention Center with 202 guestrooms received an $18,000,000 loan with a 25-year amortization. Julia Court, L.L.C. is the borrower. -- The 153-unit Courtyard by Marriott located at 2 Galleria Boulevard in Metairie, Louisiana Metairie (local pronunciations /ˈmɛtəɹi/, /ˈmɛtɹi/) is a suburb of New Orleans. , received a fixed-rate $11,500,000 loan with a 25-year amortization. -- The 120-unit Residence Inn by Marriott Residence Inn by Marriott is a brand of extended stay hotels. The chain was launched in 1977 in Wichita, Kansas by Jack DeBoer, and acquired by Marriott International in 1987. As of April 2005, there were over 450 Residence Inn hotels in the United States, Canada and Mexico. , Metairie, located at 3 Galleria Boulevard in Metairie, Louisiana, received a fixed-rate $9,000,000 loan with a 25-year amortization. The Convention Center Courtyard's structure incorporates a converted warehouse and a new structure. The property benefits from a real estate tax abatement from the city of New Orleans. Comprising 128,478 square-feet, the five-story property is situated on 1.39 acres. Amenities include a swimming pool, spa, an exercise room, restaurant, lounge, meeting rooms, a business center, and a guest laundry. The six-story Courtyard by Marriott in Metairie comprises 86,480 square-feet, situated on 3.88 acres. Comprising 90,263 square-feet. The Residence Inn is an extended stay property, and is situated on 4.5 acres. Built in 1999, both of these properties are under a long-term management contract with Marriott International Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone. . Their locations, approximately seven miles northwest of downtown New Orleans In New Orleans, Louisiana, "downtown" refers to areas along the Mississippi River down-river (roughly east) from Canal Street, including the French Quarter, Treme, Faubourg Marigny, the Bywater, the 9th Ward, and other neighborhoods. , are one-half mile off the major interchange of Interstate 10 and Causeway Boulevard. Amenities at the Residence Inn include a swimming pool, spa, an exercise room, a tennis/sports court, meeting rooms, and a guest laundry. The Courtyard includes a restaurant, lounge, swimming pool, spa, fitness center, sauna, gift shop, business center, meeting rooms, and a guest laundry. GMACCM Vice-President Chris Clark of GMACCM's Hospitality Industry Division in Washington, D.C. arranged the three transactions. 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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