GMAC Commercial Mortgage Corporation Provides $32,500,000 in Financing for a Seattle Office Building.SEATTLE -- 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 $32,500,000 in senior and 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 for a Seattle office property. The 5th and Jackson Building, located at 418 S. Jackson St., is a class "A" office building with 10 floors of office space over two levels of underground parking. The property has a rentable area of 145,129 square feet and a gross building area of 194,707 square feet. GMACCM Senior Vice President Joe Kimm of the Seattle 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. Kimm commented, "GMAC Commercial Mortgage's loan is a take-out Take-out A cash surplus generated by the sale of one block of securities and the purchase of another, e.g., selling a block of bonds at 99 and buying another block at 95. Also, a bid made to a seller of a security that is designed (and generally agreed) to take the seller out of of the construction loan on the 5th and Jackson Building. The borrower, Martin Selig Real Estate, is an existing client of GMACCM. We won this financing assignment due to our ability to maximize loan proceeds by providing both a senior and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. debt structure. GMACCM's Proprietary Lending Group provided a permanent loan with a fixed interest rate and loan proceeds that were the best in the market." 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 approaching $241 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 spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. lending units focused on healthcare, hospitality and franchise and asset backed lending. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com. |
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