GMAC Commercial Mortgage Provides $22 Million Financing for Research Triangle Apartment Developers.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Oct. 31, 2001 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 (GMACCM) announced today that it had funded a $22 million construction loan for development partners K&S Auburn and EYC EYC Episcopal Youth Community EYC Edgewater Yacht Club (Cleveland, OH) EYC Ephraim Yacht Club (Ephraim, WI) EYC European Youth Conference EYC Ethnic Youth Council Companies. The loan was arranged through the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office of Holliday Fenoglio Fowler, L.P. The loan will finance the development of The South Terrace at Auburn, a luxury apartment community in Durham, North Carolina Durham is a city in the U.S. state of North Carolina. It is the county seat of Durham CountyGR6 and is the fourth-largest city in the state by population. . The South Terrace will be spread across a 25-acre site and consist of 328 one, two and three-bedroom units. Carocon Corporation, based in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , will serve as general contractor for the project. "We are pleased to be working with such strong sponsors and to be involved with the property. Together, we all worked very hard and all benefited from the results," said Sam Kirschner, Vice President/Branch Manager of GMACCM's Retail Production office in New York. Kirschner arranged the transaction. The South Terrace apartments, projected for completion in May of 2003, are conveniently located in Durham within two miles of Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , the region's largest research and development campus covering 7,000 acres, and The Streets at Southpoint, the area's new mall opening in the spring of 2002 with 1.3 million square feet of retail space. Rich in southern comfort and charm, the apartments will feature a carriage house, a scenic three-acre lake, and beautifully landscaped nature trails across a gently rolling topography. "The South Terrace is a project we envisioned benefiting significantly from the strong growth we've seen in the Triangle market. I'm very pleased that GMACCM shared our vision and put together an aggressive and knowledgeable financing team to make this happen," said Ellis Y. Coleman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of EYC Companies. GMAC Commercial Mortgage, 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 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 $125 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. Press releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet. |
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