GMAC Institutional Advisors and Pacific Property Company, Inc. Form Joint Venture to Acquire Seattle Apartment Property.SEATTLE -- 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 2900 on First Apartments, a 135-unit apartment property located in Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. . The property was 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 $12,000,000 in equity and GMAC Commercial Mortgage Corporation (GMACCM) provided approximately $17,300,000 in fixed-rate, acquisition financing. Completed in 1989, 2900 on First, located at 2900 First Avenue, is a mid-rise apartment complex with 135 residential units and approximately 14,346 square feet of retail space. The property is located in the neighborhood of Belltown, just north of downtown Seattle's business district and just a few blocks east from the Seattle waterfront in Elliott Bay Elliott Bay is the body of water on which Seattle, Washington is located. A line drawn from Alki Point in the south to West Point in the north serves to mark the generally accepted division between the bay and the open sound. . Robert Fabiszewski, executive vice president and managing director of equity real estate for GMAC Institutional Advisors, said, "The acquisition of 2900 on First Apartments was a great opportunity to purchase a Class A asset with strong tenancy and stable income, along with additional 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 good location." 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 Thurston, "We delivered very attractive fixed-rate debt through our Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. program to this repeat borrower and joint venture partner. The equity investment was also structured for a longer-term hold, given this asset's stabilized profile." 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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