GMAC Commercial Mortgage Arranges $70 Million in Refinancing for Multifamily Portfolio Throughout Four States.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--April 11, 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 $70,669,000 in floating-rate refinancing for a multifamily portfolio. The 2,207-unit United Dominion Realty Trust Portfolio consists of eight apartment communities located throughout four states. The deal was structured with a floating-rate with the option to convert to fixed-rate. The facility has a term of five years with the option to extend an additional four years. United Dominion Realty Trust, Inc. received the funding. GMACCM Vice President Geoffrey J. McVeigh of the Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. retail loan origination office arranged the transaction through the Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility. 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 serving 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 and its affiliates have more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $134 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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