GMAC Commercial Mortgage Provides $400 Million in Acquisition Financing for Six Puerto Rico Retail Properties.Business Editors SAN JUAN San Juan, city, Argentina San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. , Puerto Rico--(BUSINESS WIRE)--May 28, 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) closed a $400 million interim, floating-rate loan for the acquisition of a portfolio of six Wal-Mart anchored retail properties in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . The loan includes $35 million of future fundings for the construction of additional improvements. The portfolio was acquired by a joint venture between Caribbean Retail Asset Management, an entity controlled by Mark Lipschutz, Peter Mansbach, Barry Breeman and Michael Lefkowitz, and Perry Real Estate Partners, the real estate division of Perry Capital, a hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" based in NYC NYC abbr. New York City NYC New York City . Robert Stern and Andrew Isikoff lead the real estate division of Perry Capital. GMACCM Senior Vice President Sam Kirschner, Vice President Jere Lucey and Assistant Vice President Scott Crimmins of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 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 originated the loan and also assisted Caribbean Retail Asset Management in raising the additional equity from Perry Real Estate Partners. The 2.3 million square foot portfolio consists of a retail mall, a retail power center, three open-air retail centers and four free-standing out-parcels. The properties will be managed by PMI See Private Mortgage Insurance. Retail Property Management, Inc., an entity related to Caribbean Retail Asset Management and the largest management and leasing company in Puerto Rico and the Caribbean. Kirschner commented, "This portfolio was arguably one of the best retail portfolios we have seen in some time. We were very excited by the opportunity to work with Caribbean Retail Asset Management and PMI Retail Property Management, Inc., because of their strong reputation and experience in the Puerto Rico market. We were also very pleased with our first transaction with Perry Real Estate Partners. Perry Real Estate Partners delivered on everything they promised and proved to be a great match for Caribbean Retail Asset Management." Mark Lipschutz, who is also head of the Real Estate group at Kronish Lieb Weiner & Hellman LLP LLP - Lower Layer Protocol , whose firm represented Caribbean Retail Asset Management, commented, "while the strength of the portfolio made it relatively easy to raise the debt and equity, the complex nature of the deal required creativity and flexibility from all parties. In that respect, we couldn't have assembled a better team than Perry Real Estate Partners and GMACCM, along with their respective lawyers." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Stern and Isikoff, the opportunity to purchase fundamentally sound real estate with a healthy supply/demand dynamic, strong tenancies, and impressive local partners were the features which attracted Perry Real Estate Partners to the transaction. GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary of GMAC Commercial Holding Corp., is a premier financial services 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 exceeding $166 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. 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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