GMAC Institutional Advisors and Pacific Property Company, Inc. Form Joint Venture to Acquire California Apartment Portfolio.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- 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 Institutional Advisors announced today the acquisition of an apartment portfolio comprised of Ocean Crest Apartments and Ocean View Apartments, located in Rancho Palos Verdes, California Rancho Palos Verdes (RPV) is a city in Los Angeles County, California that was incorporated on September 7, 1973. The population was 41,145 at the 2000 census. Rancho Palos Verdes is a quiet, affluent suburb of Los Angeles. . The properties were acquired in joint venture with Pacific Property Company, Inc., a real estate investment firm based in Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif. An affiliate of GMAC Institutional Advisors provided approximately $8,100,000 in equity and GMAC Commercial Mortgage Corporation (GMACCM) provided approximately $18,300,000 in floating-rate, interim, acquisition financing. Ocean Crest and Ocean View Apartments, located at 6510 and 6507 Ocean Crest Drive, consist of two adjacent multifamily properties, containing a total of 90 units. The properties are situated in a coastal location, both with ocean views. Ocean Crest Apartments, built in 1970, consists of a 33-unit, three-story apartment project, situated on 0.52 acres. Ocean View Apartments, built in 1973, consists of a 57-unit, three- and five-story apartment project, situated on 1.31 acres. Robert Fabiszewski, executive vice president and managing director of equity real estate for GMAC Institutional Advisors, said, "The acquisition of Ocean Crest and Ocean View was a great opportunity to purchase a quality asset with strong tenancy and upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar , in a supply constrained Los Angeles County sub-market." GMACCM Senior Vice President Mitchell R. Thurston and Vice President Andrew J. Ahlers, of the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden 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. office, arranged the transaction, and Pacific Property Company received the funding. 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. Thurston, "We provided an attractive debt and equity package to this repeat borrower in a very short timeframe." GMAC Institutional Advisors has approximately $14.5 billion (as of September 30, 2005) in real estate and mortgage related investments under management and supervision for pension funds, financial companies, endowments, foundations, offshore investors and high net worth clients. A subsidiary of GMAC Commercial Mortgage, the firm invests in equity real estate, commercial mortgages, CMBS CMBS See: Commercial Mortgage Backed Securities , mezzanine debt, B-notes, CDOs, residential ABS and non-performing loans. GMAC Commercial Mortgage Corporation (GMACCM), 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 a premier financial services 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, 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 of more than $265 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. GMACCM has specialized lending units focused on healthcare, hospitality and construction lending. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com. Property photo available upon request. GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810. |
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