GMAC Commercial Mortgage Corporation Provides $171 Million in Permanent Financing for a Portfolio of California Senior Housing Communities.LOS ANGELES -- 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 $171,000,000 in permanent, fixed-rate, acquisition financing for a portfolio of Calif., senior housing communities. The nine independent living communities, totaling 1,261 units, are located in the following Calif., cities: Irvine, Anaheim Hills, Rancho Mirage, Torrance, Santa Monica, Monrovia, Ventura, Scotts Valley and Santa Rosa. Seven of the nine communities provide residents with 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. GMACCM Senior Vice President William P. Kauffman of the Chicago Healthcare office and Len Deering, of the Chicago loan origination office, arranged the transaction through Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) (TM). Nine single-purpose entities sponsored by Fortress Investment Group Fortress Investment Group (NYSE: FIG) is a New York, NY-based asset management firm which manages private equity, hedge funds and real estate and railroad-related investments, with announced plans to move into casinos and horse racing. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control received the funding. "We provided fixed-rate debt structured for a seven-year term at an interest rate of 5.38 percent," says Kauffman. "Our existing relationship with the borrower and familiarity with properties contributed to certainty of execution. Additionally, we worked hard to make sure we could meet the customer's needs by offering variable-rate, interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. as an alternative if closing of the permanent loan was delayed." 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. 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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