GMAC Commercial Mortgage Corporation Arranges $31 Million in HUD Financing for Illinois Multifamily Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 14, 2000 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's (GMACCM) Chicago office has arranged $30,808,300 in permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. through the Chicago office of FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). for the construction of Northgate Apartments in Waukegan, Illinois. The loan was made to an Illinois Limited Partnership and was funded within 90 days following the submission of the FHA firm commitment application. In addition, GMACCM helped arrange the sale and purchase of the16 acres of land. The project, to be located at 1600 Golf Avenue, will contain 363 units in 11 buildings. There will be 166 parking garages and surface parking for 560 automobiles. It will contain 60 one-bedroom, 288 two-bedroom and 15 three-bedroom apartments. Amenities will include a clubhouse, swimming pool, fitness center and extended deck. The project is located near all forms of retail, commercial, recreational and service facilities. GMACCM Chicago Production office Senior Vice Presidents John Oharenko and Stuart L. Greenberg arranged the transaction in conjunction with GMACCM's FHA Chicago office. Vice President Thomas Sigrist and Assistant Vice President Brian Black represented the FHA Department. GMACCM's FHA Department financed over $300 million in projects in 1999. GMAC Commercial Mortgage, based in Horsham is 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. It is the nation's leading one-stop financial resource for the commercial real estate industry. The diverse lending, servicing 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. specialist has more than 50 offices nationwide and operations in Canada, Japan, Ireland and France. GMACCM has a servicing portfolio of over $81 billion, and provides a variety of financing products and services including permanent, interim, and construction financing, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through the Internet. It is also the nation's largest Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. servicer. 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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