GMAC Commercial Mortgage Provides $31 Million in Financing for Las Vegas Hotel Property.Business Editors LAS VEGAS--(BUSINESS WIRE)--May 16, 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) has provided $31,000,000 in floating-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 a Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nev., hotel. Marriott Las Vegas Suites is located at 325 Convention Center Drive. The 278-unit property has a total of 190,495 square-feet and is situated on 2.15 acres. The hotel features a restaurant, lounge and a meeting area of approximately 2,400 square-feet. Other amenities include an outdoor swimming pool and whirlpool, fitness center, business center and sundry shop. The GMACCM Hospitality Industry Division of Washington, D.C., arranged the transaction. LV Contel Property, Limited Partnership received the funding. This deal is a refinance of an existing GMACCM interim and mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). . 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 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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