GMAC provides $150m for NJ co.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 Commercial Mortgage Corporation has provided a $150 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility for Kaplan Companies of Highland Park, N.J. The credit facility will be used for the acquisition and development of multifamily properties in New Jersey, Pennsylvania, Georgia, and Florida. Kaplan Companies, celebrating their 50th anniversary,, is a third generation builder/developer. They continue to create and- enrich the American dream for thousands of new homeowners and renters. According to Marc Weinberg, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Kaplan Companies, "GMACCM was selected because of its ability to provide a single source of funds for multiple transactions with a relatively uniform process. GMACCM has the resources to provide financing for all phases of a project including acquisition, construction, permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. and equity." GMACCM vice president Irwin Boris of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of loan origination office arranged the transaction. Boris commented, "GMACCM has previously placed long-term permanent financing for the Kaplan Companies on several multi family projects throughout the United States and has been working toward expanding its relationship through the marketing of its infinite resources." |
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