GMAC Commercial Mortgage Corporation Arranges $21 Million Second Mortgage for an Illinois Multifamily Property.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) has provided $21,000,000 in fixed-rate, secondary financing for a Chicago, Ill., multifamily property. Hawthorne House Apartments, located at 3450 North Lake Shore Drive Lake Shore Drive (colloquially referred to as LSD or simply Lake Shore) is a mostly freeway-standard expressway running parallel with and next to Lake Michigan through Chicago, Illinois, USA. , is a high-rise apartment building that contains 455 units. The property, built in 1968, overlooks Lake Michigan. Amenities include a fitness center, laundry facilities, a swimming pool and a garage, plus additional parking. GMACCM Vice President Len Deering, CCIM CCIM Certified Commercial Investment Member CCIM Centro Cultural Islámico de México CCIM Client Component Installation Manager (Microsoft) CCIM Comité Consultatif pour l'Informatique Médicale CCIM Command Computer Input Multiplexer , of the Chicago 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 Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. . Hawthorne House Limited Partnership received the funding. According to Deering, "Freddie Mac has the ability to provide attractive second mortgage debt behind their first mortgages. Borrowers have the ability to create value with their properties and redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. their equity to other properties using the Freddie Mac second mortgage program." 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 $263 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. |
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