GMAC Commercial Mortgage Corporation Arranges $140.82 Million in Refinancing for a Hospitality Portfolio.SACRAMENTO, Calif. -- 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 28 loans totaling $140,820,000 in fixed-rate refinancing Refinancing An extension and/or increase in amount of existing debt. for a portfolio of hotel properties. The portfolio consists of 29 properties located in 14 states. The properties include Marriott Courtyards, Residence Inns, Springhill Suites SpringHill Suites is part of the Marriott International family of hotels. In 1998, Marriott International announced plans to convert Fairfield Suites to SpringHill Suites by Marriott. , Fairfield Inns, Hilton Homewood Inns, Hampton Inns, Choice Hotel Sleep Inns and Comfort Inns. GMACCM Vice President John Fett of the Sacramento, Calif., loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. office arranged the transaction through ING Life Insurance. Vice President Angelo Stambules of GMACCM's Hospitality Industry Division provided assistance in underwriting the transaction. Tharaldson Lodging received the funding. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fett, "The borrower was looking to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. existing floating-rate debt and lock in a 10-year, low, fixed interest rate. We were able to offer 10-year terms with 20-year amortizations, fixed over the nine-year Treasury bill. "The borrower chose GMAC Commercial Mortgage to complete this transaction because of our correspondent relationship with ING Life Insurance, and because we have nearly 50 offices nationwide. With our branch origination network, we were able to review the properties, complete the initial loan packages and provide the capital source enough detail to feel comfortable locking the rate at application. In addition, GMACCM is currently providing servicing for the client on $300 million in financing, a fact which further demonstrated our ability to handle such a large transaction." GMAC Commercial Mortgage Corporation (GMACCM), 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 a premier financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 $253 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. GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810. GMAC Commercial Mortgage Corporation, Michigan Real Estate Broker, Phone: (248) 208-3460 GMAC Commercial Mortgage Corporation is a licensed New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Real Estate Broker. |
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