GMAC Commercial Mortgage Transfers $226 Million Healthcare Loan To Special Servicing.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 Corporation (GMACCM), as Master Servicer under the Pooling and Servicing Agreement (PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ) for the GMAC Commercial Mortgage Securities, Inc., Mortgage Pass-Through Certificates Series 1998-C1, has transferred to the Special Servicer a healthcare loan representing more than 16% of the outstanding principal amount of the loan pool. GMACCM is also the Special Servicer under the PSA. (Special Servicers are assigned to CMBS CMBS See: Commercial Mortgage Backed Securities loan pools to restructure problem and delinquent loans in the pool and to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose foreclosed real estate.) The loan, originally in the principal amount of $226 million, was made in February of 1998 to Senior Living Properties, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and SLP (Service Location Protocol) An IETF standard used to announce and discover services such as printers and file shares on an IP network. Apple used SLP prior to Mac OS 10.2, but migrated to its Bonjour technology. SLP is also used in SIP-based IP telephony applications. Illinois, LLC, the owners of 89 separate healthcare facilities, located in Texas and Illinois, which served as security for the loan. The loan has a current unpaid principal balance of $212,660,555.17. GMACCM made the transfer as a result of several negative factors including a recent consent judgment entered against SLP in the amount of $3.4 million. GMACCM believes that the existence of these factors, in the aggregate, could materially impair the value of the related collateral as security for the loan or otherwise materially and adversely affect the interests of certificateholders and that the Special Servicer may be able to take additional steps to preserve the interests of the certificateholders. 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 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. Press releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion