GMAC Commercial Mortgage Arranges Nearly $40 Million in Financing for a Portfolio of Garden Apartments in Central New York.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--June 20, 2002 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 nearly $40,000,000 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. for a five-property portfolio of garden apartments in the Finger Lakes Finger Lakes, group of 11 narrow glacial lakes in north to south valleys, W central N.Y. Cayuga and Seneca lakes, both more than 35 mi (56 km) long, are the largest and deepest. Keuka Lake is the center of the area's wine industry, the largest in New York. region of Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . The properties, with a total of just under 1,000 units with a combination of studio, one-bedroom, two-bedroom, three-bedroom and three-bedroom townhouses, many including attached garages, represented a historical occupancy of 98 percent at the time of funding. GMACCM Senior Vice President Daniel Monte of the Upstate New York retail loan origination office arranged the transaction. GMACCM correspondent lender Nationwide Life Insurance Company provided the financing. 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 $150 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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