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GMAC arranges seven loans in five states.

Horsham, Pennsylvania-based GMAC Commercial Mortgage recently arranged seven loans to long term care operators:

* $4.7 million in financing for Retirement and Nursing Center, a 157-bed SNF in Austin, Texas. The permanent loan has a fixed interest rate of 8.27 percent and a 25-year amortization. The DSC is 1.35 and the LTV is 80 percent.

* $2.6 million in financing for Highland Pines Nursing Home, a 171-bed SNF in Longview, Texas. The interim financing has a floating interest rate and an interest-only amortization. The DSC is 1.0 times for the first year, 1.20 the second, and 1.35 the third. The LTV is 80 percent.

* $34.5 million in financing for four Camlu Senior Assisted Living campuses in Arizona, Texas, and Nevada. The permanent loan has a fixed interest rate of 7.14 percent and a 25-year amortization.

* About $2.5 million in financing for Pacific Care Center, a 118-bed SNF in Hoquiam, Washington. The LTV is 74.55 percent and the DSC is 1.2.

* $3.2 million in financing for Sanford home, a Flushing, New York, senior housing complex providing skilled nursing, adult care, and retirement living. The loan has a fixed interest rate and a 20-year amortization. The LTV is 52 percent.
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Title Annotation:GMAC Commercial Mortgage
Publication:Contemporary Long Term Care
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 1, 1999
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