GMAC Commercial Mortgage Provides $23 Million in Financing for New York Multifamily Property.Business Editors BROOKLYN, N.Y.--(BUSINESS WIRE)--Aug. 29, 2002 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 the debt and equity capital, including a $20,500,000 construction loan, for a Brooklyn, N.Y., apartment complex. Upon completion, Boerum Court Apartments, located at 327-341 State Street, will consist of an 11-story apartment building with 99 residential units and an 85 car indoor parking garage. The complex has a total of 99,000 square-feet of gross buildable build·a·ble adj. Suitable or available for building: "The problem was finding a site that was well located, appropriately zoned . . . and buildable" Sam Hall Kaplan. area above grade. GMACCM Vice President David Fishler of the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. retail loan origination office arranged the transaction for 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 City-based developer. In addition to the construction loan provided by GMACCM, David Fishler arranged a $2,500,000 joint venture equity investment in the project through GMAC Institutional Advisors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of GMACCM. The developer was able to obtain approximately 90% of total project costs based on the debt and equity structure provided by GMACCM and its subsidiary. Michael Brody of SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. Realty Investors, a real estate advisory firm based in New York City, represented the developer who sponsored the project. GMACCM, a wholly-owned subsidiary 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 85 offices worldwide. GMACCM has a servicing portfolio exceeding $154 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 franchise and equipment lending. GMAC Institutional Advisors, LLC is a SEC registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in specializing in commercial real estate equity and debt investment and is a wholly-owned subsidiary of GMACCM. Press releases and other information about GMACCM and its products and services are available at www.gmaccm.com. |
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