GMAC Commercial Mortgage Corporation Arranges a Financing Package Totaling $20.5 Million for a California Multifamily Property.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- 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 a financing package totaling $20,500,000 for the acquisition of a Millbrae, Calif., multifamily property. GMACCM, one of Fannie Mae's top DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) Lenders, arranged the transaction through the Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS(TM) Plus mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the program. The financing package includes a $16,500,000 Fannie Mae permanent, fixed-rate, first mortgage and a $4,000,000 mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). provided by RCG RCG Responsible Conduct of Gambling RCG Revolutionary Communist Group (Northern Ireland) RCG Raiffeisen Central Genossenschaft (German: Raiffeisen Cooperative) RCG Race, Class and Gender Longview, Fannie Mae's partner in the DUS Plus program. Townsquare Apartments, located at 509 Poplar Avenue, is a 136-unit, garden-style apartment complex. GMACCM Senior Vice President Mitchell R. Thurston and Vice President Andrew J. Ahlers, of the San Francisco loan origination office, arranged the transaction through Fannie Mae. An affiliate of Pacific Property Company received the funding. According to Thurston, "In response to the client's leverage requirements for this acquisition, GMACCM combined a traditional Fannie Mae first mortgage loan with a highly structured mezzanine loan through the Fannie Mae DUS(TM) Plus mezzanine financing program. This complex transaction required the coordination of a number of components, including a reverse exchange by the buyer, the defeasance of the seller's existing loan and the simultaneous structuring, underwriting and closing of both the first mortgage loan and mezzanine debt. The seamless execution of the senior mortgage and mezzanine loan under Fannie Mae's DUS Plus program was of great importance to the borrower." 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 $276 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. DUS is a trademark of Fannie Mae. |
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