GMAC Commercial Mortgage Provides $44 Million in Golf Course Refinancing.Business Editors WASHINGTON--(BUSINESS WIRE)--May 8, 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 $44,000,000 in interim refinancing Refinancing An extension and/or increase in amount of existing debt. for the Heritage Golf Group. The transaction includes one 18-hole golf course in California and three 18-hole courses in Georgia. The GMACCM Golf Finance Group in Washington, D.C., arranged the transaction. GMACCM Vice President John Seeburger commented, "The Heritage Golf portfolio offered a unique opportunity to finance a collection of first-class properties with a seasoned golf owner/operator. We are pleased to have closed this deal and look forward to a growing presence in the golf industry." This is the second major golf course transaction for GMACCM this year. In March, the Red Bank 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 closed a transaction for $650 million in acquisition financing for the purchase of 253 golf courses. GMAC Commercial Mortgage Corporation, 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 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, serves 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 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 construction lending as well as equity capital. GMACCM has specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. lending units focused on healthcare, hospitality, golf course, franchise and equipment lending. GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com. Photo available upon request. |
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