GMAC Commercial Mortgage Provides $40 Million in Preferred Equity for Four Washington, D.C., Area Multifamily Properties.Business Editors WASHINGTON--(BUSINESS WIRE)--Feb. 7, 2003 The Washington, D.C., office of 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) recently closed a large equity investment with one of its affiliates and a joint venture partner, Ross Development & Investment, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for the acquisition of The Brittany Portfolio. The Brittany Portfolio is comprised of one Virginia high-rise property and three Maryland low-rise complexes totaling 1,070 units. GMACCM provided $40 million in preferred equity through its Intermediate Finance Group, in addition to joint-venture equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . GMACCM was advised by its subsidiary, GMAC Institutional Advisors (GIA Noun 1. GIA - a terrorist organization of Islamic extremists whose violent activities began in 1992; aims to overthrow the secular Algerian regime and replace it with an Islamic state; "the GIA has embarked on a terrorist campaign of civilian massacres" ) on the equity investment. The joint venture purchased the portfolio for $106,000,000 and plans substantial renovations. Funds to complete the renovations are budgeted from both the preferred equity and equity capital positions. The capital structure also includes an assumption of a first mortgage loan encumbering the entire portfolio. GMACCM Vice President Marvin Hill of the Washington, D.C., retail 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. office arranged the transaction. Hill commented, "The Brittany Portfolio presented GMAC Commercial Mortgage with the opportunity to place both 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 joint-venture financing on four multifamily properties in the Washington area, a location which offers good long-term growth and investment prospects. The properties are all within 10 miles of downtown Washington, and there is a strong demand for rental properties in the area. In addition, we were excited by the prospects of working with Scott Ross Scott Ross may refer to the following:
The Brittany Apartments at 4500 South Four Mile Run Drive in Arlington, Va., is a 12-story, 408-unit building which sits on 10.56 acres. The Brittany Apartments offer garage parking, public transportation, cable/satellite television, fitness center, swimming pool, secured access with security cameras, tennis courts, business center, party activity room and concierge desk. The Crestleigh Apartments, located at 9556 Muirkirk Road in Laurel, Md., consist of 11 garden-style apartments with 389 units. The 17.83 acre-site offers a clubhouse, cable television, fitness center, swimming pool, picnic area and playground. Sutton Walk at 5306 85th Avenue and Lenox Court 5289 85th Avenue in New Carrollton, Md., are adjacent to one another and managed together. Sutton Walk's six garden-style apartment buildings sit on 7.618 acres, and have 184 units. Lenox Court's two, four-story, garden-style apartment buildings sit on 3.98 acres and contain 89 units. Both properties offer cable/satellite TV, a swimming pool, playground and basketball court and are adjacent to the Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run New Carrollton station. GMAC Institutional Advisors LLC is a SEC-registered investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and specializing in commercial real estate equity and debt investment and 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 GMACCM. 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, 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 of more than $160 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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