GMAC Commercial Mortgage Provides $25 Million in Financing for South Carolina Hotel Property.Business Editors CHARLESTON, S.C.--(BUSINESS WIRE)--June 6, 2003 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), through its Hospitality Industry Division, provided a $25,000,000 first mortgage loan to City Market Hotel Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , owner of the 212-room Charleston Doubletree Guest Suites Historic District & Hayne Street Inn, located in the heart of downtown Charleston, S.C. Doubletree Guest Suites is located at 181 Church Street and 35 Hayne Street. The property has a total of 187,574 square-feet and is situated on 1.12 acres. The hotel features 4,638 square-feet of meeting space, an additional 4,015 square-feet of leased meeting space and 4,233 square-feet of retail space. Amenities include a 60-seat cafe/lounge, an exercise room, sundry sun·dry adj. Various; miscellaneous: a purse containing keys, wallet, and sundry items. [Middle English sundri, from Old English syndrig, separate. shop and guest laundry. The loan was arranged by Steve McRae, vice president in GMACCM's Atlanta loan production office, and Gary P. Joachim of Sivica Properties, Inc. in Roswell, Ga. McRae commented, "This property's terrific location provides guests with direct access to abundant restaurants and shopping, as well as tours of the charming historic downtown area. The local owner's emphasis on property maintenance and customer service is reflected in the property's superlative performance--this was an easy deal to underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. ." The upscale hotel has recently undergone a thirty-room expansion, which also added a luxurious ballroom and full catering kitchen, significantly enhancing the property's ability to accommodate group business. Loan proceeds allowed the owner to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. a portion of the equity invested in the expansion. GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary of GMAC Commercial Holding Corp., is a premier financial services 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. 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 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. , 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 exceeding $166 billion and provides a variety of financing products and services including permanent, interim, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. and construction lending as well as equity capital. GMACCM has specialized lending units focused on healthcare, hospitality and franchise and equipment lending. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com. |
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