GMAC Commercial Mortgage is Co-lender On $54 Million Acquisition of 50 Broadway in New York's Lower Manhattan.Business Editors HORSHAM, Pa.--(BUSINESS WIRE)--April 8, 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) announced today it is co-lender, with Amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. Bank, for the $54 million acquisition of 50 Broadway in New York's Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North area by the United Federation of Teachers (UFT UFT United Federation of Teachers UFT Tegafur-Uracil (chemotherapy) UFT Unified Field Theory (physics) UFT Undergraduate Flying Training UFT Unofficial Foreign Travel UFT Up for Trade ), Local 2. The size of the direct loan on the 37-story, 340,000 square-foot office building is $40 million, with a floating interest rate. "We are particularly proud of this transaction because it represents an important investment in Lower Manhattan, only a few blocks from Ground Zero," said William Kitley, GMACCM Senior Vice President. "It is a strong vote of confidence in the vibrancy and anticipated rebirth of this important commercial district, only months after the devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. events that took place here on Sept. 11." The UFT has agreed in principle to relocate its headquarters from Park Avenue South to two adjoining buildings at 50 and 52 Broadway, providing the union and its affiliates with some 740,000 square feet of office, classroom and meeting space. Under the agreement, the union has acquired 50 Broadway and entered into a long-term net lease at 52 Broadway. "This transaction represents a great deal of work by our Red Bank, N.J., office, under the direction of Vice President Robert Lipson, who was a key player in the deal," said Kitley. "The office's long experience in this region was invaluable to the successful consummation of this 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 $134 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. |
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