GMAC Commercial Mortgage Provides $31 Million in Financing for California Apartment Complex.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--July 21, 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 originated $31 million in financing for a Daly City Daly City, city (1990 pop. 92,311), San Mateo co., W Calif., a suburb of San Francisco; inc. 1911. Daly City is primarily residential, its population having grown significantly since the 1970s. , California apartment complex. The Skyline Heights Apartments has twelve, two and three story buildings, with a total of 155,752 square feet situated on 10 acres. The apartment mix includes studio and one and two bedroom units with dishwasher, microwave, refrigerator, garbage disposal and electric stove. Complex amenities include a swimming pool, fitness center, laundry rooms and a barbecue area. GMACCM Senior Vice President Mitch Thurston and Vice President Andy Ahlers of the San Francisco office arranged the floating-rate interim loan including an equity investment. 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 Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. 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 Freddie Mac: see Federal Home Loan Mortgage Corporation. 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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