GMAC Commercial Mortgage Provides $65 Million in Financing for Orlando Hotel.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--June 10, 2002 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 $65,000,000 in floating-rate 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. for an Orlando, Fla., hotel. The Sheraton World Resort has a total of 619,277 square-feet and is situated on 28.6 acres of land. The property was developed in phases starting in 1980 and features 19, two and three-story guestroom buildings with 797 guestrooms, and a 16-story, 305-room tower plus additional facilities and amenities in keeping with its full service nature. The property was renovated in 1999/2000 and is well maintained and in good condition. The renovation included the addition of the 305-room tower and 7,949 square-feet of meeting space in addition to replacement as needed as needed prn. See prn order. of furniture, fixtures and equipment Furniture, fixtures and equipment (or FF&E) is an accounting term used in valuing, selling, or liquidating a company or a building. FF&E are movable furniture, fixtures or other equipment that have no permanent connection to the structure of a building or utilities. in the existing improvements. The Sheraton World Resort is located near SeaWorld on International Drive, less than one mile from the existing Orlando Convention Center and the site of the proposed Convention Center expansion. The hotel features four food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. outlets, room service, valet service valet service n (for clothes) → planchado valet service n (for clothes) → pressing m; (for car) → , guest laundry facilities, a full service business center, a gift shop and a guest services desk offering information about area attractions. Recreational amenities include a fitness center, three heated swimming pools, two kiddy pools, a game room, a nine-hole miniature golf course and an outdoor hydropool, as well as a children's playground. GMACCM Senior Vice President Bob Keating of the Red Bank, New Jersey retail loan origination office and the GMACCM Hospitality Production Division of Washington, DC 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 serving 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 and its affiliates have more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $150 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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