GMAC Commercial Mortgage Arranges $64 Million Financing for Six Property Multifamily Portfolio in Five States.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Oct. 24, 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 $63,820,000 in fixed-rate financing for a six-property apartment portfolio located in five states. Lehman Remic II Portfolio consists of the Northwood Apartments in Florida, Shadow Brook Apartments in Utah, Stone Mountain West in Georgia, Sunrunner Apartments in Florida, Village of Pennbrook in Pennsylvania, and Woodland Village I in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . The properties have a total of 1,992-units. AIMCO AIMCO Apartment Investment Management Company (Columbus, OH) was the borrower. GMACCM Vice President Robert Falese, of the Philadelphia retail production office, arranged the transaction through the Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. program plus loan program. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion