GMAC Commercial Mortgage Arranges Largest Freddie Mac Single Asset Transaction; $205 Million Financing for Queens New York Multifamily Complex.

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Dec. 5, 2001

GMAC Commercial Mortgage Corp. (GMACCM) has arranged the largest single asset transaction in Freddie Mac history.

The deal, in the amount of $205,million is fixed-rate permanent financing for the purchase of a prominent Queens, NY, multifamily complex.

The Fresh Meadows multifamily property is located on 64th Street. The complex contains 3,285 high- and low-rise apartment units with 13,611 rooms and a total of 2,258,258 square-feet. They are located in 140 buildings situated on 124 acres in a residential community in the Borough of Queens. The property operates at an average 99% occupancy rate.

Residential components of Fresh Meadows include:

-- a 20-Story luxury High-Rise Building,

-- two (2) 13 Story High-Rise Buildings,

-- sixty-seven (67) Three-Story Garden Apartment Buildings,

-- seventy (70) Two-Story Duplex Buildings, and

-- four (4) Residential Parking Garages and two (2) Residential Surface Parking
Lots.

GMACCM Vice President John Motzel of the Red Bank, New Jersey, retail production office arranged the transaction through Freddie Mac.

Amenities include a nursery school, three covered parking garages, two surface parking lots, 19 recently renovated laundry facilities, easy access to shopping and dining, a central boiler plant, well-landscaped open-area parks and numerous playgrounds. Queens Fresh Meadows LLC received the funding with a 25-year amortization.

Fresh Meadows is approximately 10 miles east of midtown Manhattan, and adjacent to Exit 25 of the Long Island Expressway. The property is also situated within seven miles of both John F. Kennedy International Airport and LaGuardia Airport.

Designed by Voorhees, Walker and Foley, the retail and the bulk of the residential buildings were built by New York Life Insurance Company between 1946 and 1949 on the site of a former golf course. In 1962, the 20-story residential high-rise building was added to the development.

GMAC Commercial Mortgage, a wholly owned subsidiary 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 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.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases mortgages from lenders and packages them into securities that are sold to investors. Over the years, Freddie Mac has opened doors for one in six homebuyers in America.

(For more information about Freddie Mac, visit http://www.freddiemac.com.

News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.