GMAC Commercial Mortgage Provides $26 Million Financing for Dallas Hotel.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 28, 2000 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) has arranged $26 million in financing for the Holtze Magnolia Hotel in Dallas, Texas. Holtze Magnolia, LLP LLP - Lower Layer Protocol received adjustable-rate interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. for the 310,586 square-foot building. The hotel was renovated in 1999 to bring the 331-guest rooms to a class "A" hotel building. Amenities include health club, recreation and lounge areas. GMACCM's Washington, D.C. Hospitality Division arranged the transaction. GMAC Commercial Mortgage, based in Horsham is 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. It is the nation's leading one-stop financial resource for the commercial real estate industry. The diverse lending, servicing and securitization specialist has more than 50 offices nationwide and operations in Canada, Japan, Ireland and France. GMACCM has a servicing portfolio of over $81 billion, and provides a variety of financing products and services including permanent, interim, and construction financing, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through the Internet. It is also the nation's largest Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac servicer. News 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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