GMAC Commercial Mortgage Corporation Provides $73 Million in Financing for the Construction of a Florida Multifamily Property.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- 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 $73,000,000 in floating-rate financing for the construction of a Miami multifamily property. Once completed, South of Fifth, located at 135 Ocean Drive, will feature 28 ultra-luxury units. The property will be situated directly on the beach, and in the heart of the highly desirable SOFI So´fi n. 1. Same as Sufi. , or South of Fifth, section of South Beach. SOFI is home to some of the premier restaurants and nightlife in South Beach, including Prime 112, Joe's Stone Crab, Nikki Beach and Smith & Wollensky, all of which are located within a two to three block radius of the property. GMACCM Vice Presidents Robert Lipson and John Motzel, of the Red Bank, N.J., 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, and BR Villa Luisa LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control received the funding. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lipson, "GMACCM won this business because of our ability to incorporate a bridge component that will convert to a construction loan, once building permits are issued and the pre-sale requirements are met." Building permits are expected sometime in January or February. As of closing, the property was 50 percent pre-sold, with an expectation to hit the required 80 percent by February. 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 $265 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. |
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