GMAC Commercial arranges $84m for retail ventures.

GMAC Commercial Mortgage Corporation has provided $74,000,000 in floating-rate acquisition financing for a Niagara Falls retail property. Fashion Outlets of Niagara Fails, located at 1900 Military Road, is a 531,423-square-foot retail outlet center. Situated on 41.3 acres, the property is currently 85 percent occupied.

GMACCM Vice President Scott Crimmins, of the New York loan origination office, arranged the transaction, and Fashion Outlets of Niagara LLC received the funding.

According to Crimmins, "GMACCM won this business because of our ability to close quickly on a highly structured acquisition loan. The borrower is a repeat client with whom GMACCM originated more than $125,000,000 in transactions in 2005."

GMACCM also announced it has provided $10,250,000 in permanent, fixed-rate refinancing for a Carlisle, Pa., retail property.

Carlisle Marketplace, located at 235-281 South Spring Garden Street, is a 90,183-square-foot shopping center. Anchored by a 62,885-square-foot Giant Food Store and seven inline retail tenants, the center is currently 100 percent occupied.

GMACCM Vice President David M. Fishier, of the New York loan origination office, arranged the transaction. Kimco Carlisle, LP, a joint venture affiliate of Kimco, a New York Stock Exchange (NYSE) listed REIT and UBS, received the funding.

According to Fishler, "We delivered what we promised and closed the loan with this repeat borrower within 45 days of signing the loan application. The proceeds from the loan were used to allow the borrower to recoup a portion of the capital used to purchase the shopping center."