GMAC Commercial Mortgage Corporation Arranges $36,500,000 in Refinancing for a Manufactured Housing Community Portfolio.BIRMINGHAM, Ala. -- 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 $36,500,000 in fixed-rate refinancing Refinancing An extension and/or increase in amount of existing debt. for a portfolio of manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected communities. The portfolio consists of seven manufactured home communities located in Detroit, Mich., and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . The communities are all-age with quality ratings ranging from three-star to five-star. The portfolio contains an approximate total of 400 acres, encompassing 1,700 home sites. Forty percent of the sites can accommodate double-wide homes. The communities were built from the 1970's to the 1990's, and the average occupancy is 92 percent. Common amenities include clubhouses, laundry facilities, and playgrounds. GMACCM Vice President Damon B. Reed of the Birmingham 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 Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . Reed commented, "GMACCM located a loan program that lowered the borrower's existing rate and provided an interest-only structure to maximize cash flow. The loan was structured as a five-year, fixed-rate with interest-only payments for the term, and was cross-collateralized and cross defaulted. The structure also allows the borrower to release individual properties from the portfolio and pay down the loan. The borrower was able to take advantage of Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. First Boston's streamlined early rate lock program and lock the rate at 4.93%." GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary 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 $240 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 franchise and asset backed lending. The Birmingham office of GMACCM has closed $100 million in manufactured home community loans as of August 2004. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com. |
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