GMAC Institutional Advisors and Western Development Corporation Form Joint Venture to Acquire Mix-Used Office and Retail Property in MD.BALTIMORE -- 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 Towson Commons, a 322,753-square-foot mixed-use office and retail development, located at One West Pennsylvania Avenue Pennsylvania Avenue is a street in Washington, D.C. joining the White House and the United States Capitol. Called "America's Main Street," it is the location of official parades and processions, as well as protest marches and civilian protests. , Towson, Md. The property was acquired on behalf of a GMAC Institutional Advisors affiliate, in joint venture with Western Development Corporation, a real estate investment firm based in Washington D.C. GMAC Institutional Advisors is planning to warehouse the property for a value-added investment portfolio. GMAC Commercial Mortgage Corporation (GMACCM) provided $42 million in floating rate financing to the venture for a short term value enhancement strategy with a five-year timeframe. GMACCM Senior Vice President Richard Bopp and Vice Presidents Fabrice Vasques and Jason Roach, all from the Washington, D.C., 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. Western Development Corporation 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. Bopp, "In this transaction, we were able to leverage our presence and knowledge in the local market. Additionally, we met the borrower's needs and provided the required flexibility and speed in terms of both investment capital and debt structure." Completed in 1992, the property is comprised of a 10-story office tower, with 227,607 square feet of rentable space, and four levels of retail space with 95,146 square feet. Towson Commons is just minutes from I-695 (the Baltimore Beltway) and is close in proximity to downtown Baltimore Downtown Baltimore is the section of Baltimore traditionally bounded by Martin Luther King, Jr. Boulevard to the west, Mt. Royal Avenue to the north, President Street to the east and the Inner Harbor area to the south. , I-95, Baltimore-Washington International Airport and surrounding rail stations. In addition, many of the area's bus lines terminate near Towson Commons, making the property a central location for both Towson and the surrounding Baltimore area. Robert Fabiszewski, executive vice president and managing director of equity real estate for GMAC Institutional Advisors, said, "The acquisition of Towson Commons was a great opportunity to purchase a well-located property with significant value-add potential. A $30 million renovation and redevelopment of the property is planned and will focus on the repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of the retail pavilion. Additionally, we plan to warehouse the asset for a pre-specified, future value-added real estate portfolio. Our ability to buy investments with our own capital and to build a warehoused portfolio uniquely differentiates GMAC Institutional Advisors in the funds market today. We have now assembled 12 properties for this portfolio and have several more acquisitions planned this year." 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 mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. debt, B-notes, CDOs, residential ABS and non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. . 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 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. 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 $263 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion