GMAC Commercial Mortgage Corporation Arranges $182 Million in Refinancing for a Senior Housing Portfolio.CHICAGO -- 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), in conjunction with Guaranty Bank, has provided $182 million in floating-rate refinancing for a pool of five senior housing properties owned and operated by Brookdale Living Communities, Inc., a prominent national owner-operator of independent living communities. The portfolio consists of upscale senior housing properties located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Raleigh, N.C., Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , Creve Couer (St. Louis), Mo., and Glen Ellyn Glen Ellyn, village (1990 pop. 24,944), Du Page co., NE Ill., a residential suburb of Chicago; inc. 1892. Points of interest include Stacy Tavern, a 19th-century stagecoach stop on the Chicago-Galena route; a wildlife sanctuary; and an arboretum. , Ill. The communities consist of 1,104 units, including a mix of independent living and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. services. The five properties, which average 220 units in size, range in age from three to five years. GMACCM Senior Vice President Bill Kauffman of the Chicago office of the Healthcare Division, working with GMACCM Senior Vice President Monique Bimler of the Dallas office of the Healthcare Division, arranged the transaction for Brookdale Living Communities. The financing consists of $150,000,000 of senior debt and a B-note of $32,000,000. The senior debt was provided in participation with Guaranty Bank who funded $85,000,000, while GMAC Commercial Mortgage Bank provided the remaining $65,000,000. GMACCM funded the $32,000,000 B-note. Kauffman commented, "By structuring the deal to deliver a large block of financing proceeds while avoiding participation with several lenders, GMACCM and Guaranty Bank have made it possible for the borrower to reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of loan proceeds among the portfolio and to season the properties in advance of ultimate permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . "The variable-rate debt was provided for a initial term of three years with two, one-year extensions. The loans are intended to see the entire pool through stabilization prior to the placement of permanent financing." Brookdale Living Communities is one of the nation's pre-eminent operators of independent living communities. The Chicago-based company currently operates 74 communities representing more than 15,000 units located in 28 states. Brookdale communities are typically considered investment grade and are located in major metropolitan and suburban areas. 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 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. 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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