GMAC Commercial Mortgage Corporation Arranges $140 Million in Refinancing for a Florida Retail Property.

PALM BEACH GARDENS, Fla. -- GMAC Commercial Mortgage Corporation (GMACCM) has arranged $140,000,000 in permanent, fixed-rate refinancing for a Palm Beach Gardens, Fla., retail property.

Downtown at the Gardens, an upscale, open-air, retail property, was originally financed with an $116,721,000 construction loan from GMACCM in 2004. The property is owned and was developed by Menin Development Companies based in Palm Beach Gardens, Fla.

According to GMACCM Vice President and Branch Manager Marc Yavinsky, of the Boca Raton loan origination office, "GMACCM is very proud to work with an upscale property such as Downtown at the Gardens. I have worked on this project since its inception, and I feel this property fills a tremendous void in the local retail market. What is so unique about this open-air shopping center is that a majority of the tenants are setting up shop for the very first time in Florida. Downtown at the Gardens is not saturated with common anchors and tenants, but rather specialty shops and restaurants."

Downtown at the Gardens, located at Alternate A1A and Gardens Parkway, is a 344,165-square-foot, open-air lifestyle center. The 35-acre property is in close proximity to other large-scale retail centers in the booming Palm Beach market. Anchored by a 68,087-square-foot Cobb Theater and a 42,592-square-foot Whole Foods Market, the property's inline tenants consist of upscale, high-end retailers such as Sur La Table, Z Gallerie, Urban Outfitters, Elizabeth Arden Red Door Spa, Storehouse and Smith & Hawken. Downtown at the Gardens' line up of national restaurants include Cheesecake Factory, Yard House, Rosa Mexicano, Ra Sushi, City Kitchen, Max's Grille and The Strip House.

Yavinsky arranged the transaction through TIAA-CREF, and Menin Development Companies received the funding.

Yavinsky added, "TIAA-CREF offered the borrower flexibility in the loan structure, and worked closely with the borrower to close the loan prior to all of the tenants taking occupancy."

Craig Menin, president of Menin Development Companies commented, "Menin Development is pleased to have once again worked with GMACCM in providing this financing, as GMACCM was there with us from the beginning of this exciting project. Their insight and assistance with the capital markets has been an invaluable asset to us. We look forward to continuing our relationship with our next series of upscale, open-air retail and mixed-use projects in South Florida currently under development."

Menin Development Companies currently has a portfolio of approximately $750 million in existing retail centers and property under development in Palm Beach Gardens, Jupiter, Pt. St. Lucie, West Palm Beach and Coconut Creek, Fla.

GMAC Commercial Mortgage Corporation (GMACCM), a wholly owned subsidiary of GMAC Commercial Holding Corp., is a premier financial services firm with extensive funding sources that, coupled with a broad menu of innovative financing programs, serve the needs of borrowers of commercial real estate debt as well as the providers of such capital. GMACCM is an industry leader in loan origination, servicing, asset management, investment management and technology services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $276 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. GMACCM has specialized lending units focused on healthcare, hospitality and construction lending.

News releases and other information about GMACCM, its products and services are available at www.gmaccm.com.

Property photo available upon request.