GMAC Institutional Advisors and Security Properties Inc. Form Joint Venture to Acquire California Multifamily Property.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 Serravella Apartments, a 216,904-square-foot multifamily property located at 1710-1720 North Fuller Avenue, Hollywood, Calif. The property was acquired in a joint venture with Security Properties, Inc., a real estate investment and operating firm engaged in the development, acquisition and operation of residential property. GMAC Commercial Mortgage Corporation (GMACCM) provided $48,460,000 in floating-rate, interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. to the venture. Craig Rommel and Jason Krupoff, from GMACCM's Orange County 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 SP Serravella LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control 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. Krupoff, "GMACCM was able to provide the sponsor with a one-stop-shop by procuring the required capital through its debt and equity program. This seamless process enabled the borrower to meet its short closing deadline of just 12 days." Constructed in 1986, Serravella Apartments is a 298-unit, mid-rise multifamily property comprised of three and four-story residential buildings. Situated on 1.92 acres, the property is currently 97 percent occupied. The location of the property is approximately one mile southwest of the Hollywood (101) Freeway, a major north to south freeway in Los Angeles, and approximately seven miles from downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . Robert Fabiszewski, executive vice president and managing director of equity real estate for GMAC Institutional Advisors, said, "The acquisition of Serravella Apartments is a well maintained in-fill location with an irreplaceable position on Hollywood Boulevard. The property is a unique asset in an extremely strong sub-market with 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 ." 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. 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. Property photo available upon request. |
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