GMAC Commercial Mortgage Provides $90.1 Million Loan for 'Downtown at the Gardens' Florida Retail Construction.Business Editors PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--April 1, 2004 Northern Palm Beach County can expect more shopping and entertainment options with the construction of Downtown at the Gardens, an upscale retail project financed with a $90.1 million loan from 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. The new retail development just west of The Gardens Mall will feature a 16-screen, state-of-the-art Cobb Theatre, a Whole Foods Market, several nationally known restaurants and a number of specialty retailers. "Downtown at the Gardens is an extraordinary project that will have a dramatic impact on the retail market in Palm Beach Gardens and northern Palm Beach County," said Marc T. Yavinsky, vice president/branch manager in GMACCM's Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. office, where the loan originated. "Menin Development, the project's developer, has capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. on a tremendous location by bringing in a number of new-to-the-market national and specialty retailers and upscale restaurants to create this unique development." Yavinsky added, "The construction loan GMACCM provided clearly demonstrates our ability to utilize our balance sheet to provide unique financing solutions for our clients. This ability is one of the things that sets GMACCM apart from the competition." 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. Craig Menin, president of Menin Development Company, "After reviewing proposals from several other lenders, we realized GMAC is the ideal financial institution to assist us in bringing this ground breaking retail project to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. and we appreciate their contribution to the overwhelming success that is and will be Downtown at the Gardens." Downtown at the Gardens will be situated on about 35 acres and will include a 20-acre lake, walking path and sculpture park. Moviegoers to the 3,200-seat Cobb Theatre will find it to be the only stadium-seating theater in Palm Beach Gardens. The term of the construction loan for the roughly 336,000-square-foot Downtown at the Gardens is three years with a floating interest rate. The project, located at PGA (1) (Professional Graphics Adapter) An early IBM PC display standard for 3D processing with 640x480x256 resolution. It was not widely used. (2) (Programmable Gate Array) See gate array and FPGA. Boulevard and Alternate A1A, comes at a time when Palm Beach County's retail market is stable, expanding and supported by favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. demographic trends, including strong employment growth and the recently announced expansion of the Scripps Research Institute of California into Palm Beach County, according to data from Realpoint, GMACCM's real estate research arm. Palm Beach County's retail market currently has about 59 million square feet, with an additional 1.5 million square feet already completed, under construction or in the planning stages, Realpoint said. While most of the recent expansion in Palm Beach County is from "big-box" retailers and grocery-anchored projects, Downtown at the Gardens will offer something different -- a destination where people can spend all day shopping, dining, relaxing and being entertained. GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary 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, 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 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. , 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 approaching $241 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 for commercial real estate. 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 and franchise and asset backed lending. News releases and other information about GMACCH, its products and services are available at www.gmaccm.com. Rendering available upon request. |
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