GMAC Commercial Mortgage Expands Southeast Presence With New Office in Memphis; Stallworth Named VP-Branch Manager.

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Jan. 30, 2001

GMAC Commercial Mortgage Company (GMACCM) announced today it has opened a new production office in Memphis, TN and has named Frank Stallworth Vice President-Branch Manager of the new loan origination operation.

"This new office increases our nationwide network of production offices to 48 and gives GMACCM a stronger presence in the important, growing lower Mississippi Valley, " said Ed Riedlinger, Senior Vice President and Regional Manager.

The new office will be located at 5100 Poplar Ave., Suite 2900, Memphis, TN 38137. Joining Stallworth in Memphis are Ted Simpson, Director of Underwriting, and Amy D. Griffith, Senior Analyst. All three came to GMACCM in the acquisition of Univest Financial Services, LLC by GMACCM subsidiary, McCracken Financial Software, Inc., announced in early January.

In his new position Stallworth is responsible for all lending activities of commercial and multifamily properties for the Memphis office. Before the acquisition, he was President, Western Division, of Central Park Capital (CPC), which originally was a partnership between Univest and Goldman Sachs. In 1999 Univest purchased Goldman Sachs? interest. CPC specialized in providing long-term, fixed rate conduit lending on commercial and multifamily properties.

Stallworth received a bachelor's degree in finance from the University of Tennessee in 1980. He is a past president of the Memphis Mortgage Bankers, a director of the Tennessee Mortgage Bankers, a member of Lambda Alpha International, an honorary land economics society.

In his new position Simpson is responsible for underwriting all commercial and multifamily properties for the Memphis office. Before the acquisition he was Director of Underwriting, Western Division of Central Park Capital. He holds a BA from Vanderbilt University. He is a member of Lambda Alpha International, an honorary land economics society.

Griffith is responsible for all analyst duties pertaining to commercial and multifamily properties for the division. Prior to the acquisition she was senior analyst for Central Park Capital, where she was responsible for all loan due diligence, closing and assisting underwriting.

GMAC Commercial Mortgage is the leading U.S. financial solutions provider servicing commercial restate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages.

News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.