GMAC Commercial Mortgage Provides $44 Million Financing for California Multifamily Property.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--Oct. 12, 2001 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 Corp. (GMACCM) has provided $44,000,000 in 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. and GMAC Institutional Advisors provided an equity investment to acquire a Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the multifamily property. The 339-unit Stoneridge at Diablo Hills complex has a total of 288,813 square-feet and is situated on 17.25 acres. The property was built in 1970 and is located in a prime area of Walnut Creek Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. adjacent to the Diablo Hills Golf Course. Amenities include two spas, two pools, a clubhouse, laundry room A laundry room (also called a utility room) is a room where clothes are washed. In a modern home, a laundry room would be equipped with an automatic washing machine and clothes dryer,and often a large basin, called a laundry tub, for hand-washing delicate articles of clothing such , two saunas, fitness center, basketball court, tennis court and golf cages. Stoneridge's location on the golf course, its low density and its gently sloping site elevations provide a tranquil, rural setting for its residents, yet it is located only minutes from BART and downtown Walnut Creek. It is one the most appealing multifamily residential communities in Walnut Creek. Stoneridge at Diablo Hills is one of the flagship properties in the fast growing Bay Area apartment portfolio of SARES-REGIS Group of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . SARES-REGIS Group of Northern California is one of Northern California's premier real estate companies specializing in investment, development and construction of high-density single- and multi-family housing, land development and commercial build-to-suit development projects for its public and private sector clients. GMACCM Senior Vice President Mitch Thurston and Vice President Andy Ahlers of the San Francisco retail production office arranged the transaction. GMAC Commercial Mortgage, 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, is the leading U.S. financial solutions provider servicing commercial real estate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management 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. of commercial mortgages. The diverse lending and servicing specialist has more than 60 offices nationwide. GMACCM has a servicing portfolio exceeding $125 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending. 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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