GMAC Commercial Mortgage Names Two Senior Vice Presidents for Expanded Florida Operations.

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Sept. 24, 2001

GMAC Commercial Mortgage (GMACCM) announced today the promotion of two Florida-based loan production officers to senior vice presidents for its expanded Retail Production Division.

They Are:

-- Russ Callahan, who is located in GMACCM's loan production office in Tampa;
and,

-- Joel Coykendall, who is in located in the Jacksonville loan production
office.

"Russ and Joel bring to their positions decades of success and experience in commercial mortgage banking, and we are looking for them to continue to provide leadership to our expanding mortgage banking platform in Florida," said Allen Moczul, GMAC Senior Vice President and Florida Regional Manager, to whom Callahan and Coykendall report.

"Russ has teamed up with the former principals of Carey Kramer Company - North Florida, which was acquired by GMACCM in August," said Moczul. "Russ will now have added capital resources made possible by the acquisition, thus offering Florida commercial real estate developers and investors the widest array of financial services solutions in the state."

Carey Kramer-North Florida originated about $300 million in new loans per year and serviced a portfolio of more than $600 million in commercial loans for an impressive list of correspondent lenders.

Callahan, who joined the Tampa office of GMACCM in 1999, is a 28-year veteran mortgage banker with a strong background in production, which includes debt and equity placement with life insurance companies and conduits, as well as significant loan volume with Freddie Mac.

He is a licensed Real Estate Broker and Mortgage Broker in Florida, is a member of NAIOP, ICSC, and MBA and is a current director and past president of Real Estate Investment Council, Inc., and a past member of the District Council Steering Committee of the Urban Land Institute.

He holds a B.S. in business administration, with a major in banking and finance from the University of South Carolina. His special training includes completion of several AIREA courses on real estate appraisals, MBA seminars on income property financing and Bert Rogers Real Estate Practices and Principles.

Coykendall joined GMACCM from the Jacksonville office of Legg Mason Realty Services in February, 2000 as a vice president, bringing to the position more than 25 years experience in the commercial real estate finance business.

He began his career in 1973 with Guardian Mortgage Investors, a Real Estate Investment Trust, and then joined the Jacksonville mortgage banking firm of Stockton, Whatley, Davin and Company (SWD) in 1980.

At SWD he was responsible for commercial loan production throughout North Florida and continued in that role after SWD was acquired by BancBoston in 1988 and ultimately absorbed into Legg Mason in 1993.

During his career in commercial mortgage banking, he has arranged more than $800 million of debt and equity transactions on all property types including office, apartments, warehouse, retail, hotels, golf courses and resorts.

Coykendall is a member of the Mortgage Bankers Association and the National Association of Industrial and Office Properties.

GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp, is the leading U.S. financial solutions provider servicing commercial real estate 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.

The diverse lending and servicing specialist has more than 60 offices nationwide.

GMACCM has a servicing portfolio exceeding $124 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending. In 2000, GMACCM originated $15 billion in commercial mortgage loans.