GMACCM Provides $270 Million in Refinancing for a Chicago Trophy Office Building.

CHICAGO -- GMAC Commercial Mortgage Corporation (GMACCM) has provided $270 million in floating-rate refinancing for 111 South Wacker Drive in Chicago.

The newly completed, 51-story office building is owned by the JBC Opportunity Funds and was developed by The John Buck Company. The trophy office property contains 1,026,757 square feet and is located in Chicago's West Loop submarket. The property amenities include a conference center, fitness center, restaurant, 389 parking stalls in an above-grade public garage, 100 parking stalls in a private below-grade garage, and a state-of-the-art security program.

The building's major tenant, Deloitte, has begun the build-out of its 424,192-square-foot office space, and they expect to take occupancy in early summer of 2005. Five other tenants, including Lord Bissell & Brook LLP, RR Donnelley, Grippo & Elden LLC, Ventas Realty and Bloomberg, have signed leases to occupy additional space, bringing the building's pre-leasing level to nearly 80 percent.

GMACCM Vice President Peter Smolenski of the Chicago loan origination office worked with Senior Vice President Rich Spinelli, Vice President Rich Cadigan and Associate Rob Tarulli of GMACCM's Proprietary Lending Group to arrange the transaction. Landesbank Hessen Thuringen (Helaba) Bank and Anglo-Irish Bank PLC are the major loan participants.

According to Smolenski, "The five-year, floating-rate loan has an initial funding of $175 million and the remaining funds will be used for closeout of the base building construction contract, tenant improvements, leasing commissions and debt service shortfalls. GMACCM was able to serve as a single source for the client by providing both the construction loan and the refinancing." Kent Swanson, principal with The John Buck Company stated, "GMACCM has provided the JBC Opportunity Funds with a flexible medium term-debt solution that met our investment needs and closed this facility on a timely basis."

GMAC Commercial Mortgage Corporation (GMACCM), a wholly owned subsidiary 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 and investment management. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $253 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.

Founded in 1981, The John Buck Company ("JBC") is a privately owned, vertically integrated, full-service real estate company headquartered in Chicago with over 400 employees. JBC has developed, redeveloped and/or acquired over 45 properties, representing in excess of 27 million square feet of office, retail, hotel and residential projects. The JBC Opportunity Funds are real estate equity funds, which total more than $250 million, and focus on opportunistic acquisitions and development of high quality properties in major urban markets. Since their inception in 2000, the Funds have made 11 investments with a total cost in excess of $1 billion. Investments have been made in Chicago, Minneapolis, New York and Washington DC. Additional information about JBC and the JBC Opportunity Funds is available at www.tjbc.com.