GMAC Commercial Mortgage Provides $70 Million in Financing for Eight California Commercial Buildings.HORSHAM, Pa.--(BUSINESS WIRE)--Aug. 4, 1999-- 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 (GMACCM) has arranged $70,000,000 in financing for a portfolio of eight Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, office and research and development buildings. GMAC Commercial Mortgage provided both the debt and 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. for the $70,000,000 transaction. The portfolio includes eight properties totaling 674,387 square feet. The occupancy at closing was 98 percent. The properties are in prime locations, with four buildings located in San Diego, three in Orange County and one in Los Angeles County. The portfolio buyer is Birtcher Reality Group of Laguna Niguel, California Laguna Niguel is a city located in southern Orange County, California. The name "Laguna Niguel" is derived from the Spanish word "Laguna" which means lagoon and the word "Nigueli" which was the name of a Juaneno Indian village once located on Aliso Creek. . GMACCM Vice President Mary Carlston of the Irvine California office originated the transactions. GMAC Commercial Mortgage, based in Horsham, PA 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 GMAC. It is the nation's leading one-stop financial resource in the commercial mortgage banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $70 billion, and provides a variety of financing products and services including long-term, interim, and construction 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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