GMAC Commercial Mortgage Arranges $25 Million Interim Refinancing for St. Louis Retail Center

Business Wire, Feb 14, 2001

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Feb. 14, 2001

GMAC Commercial Mortgage Corp. (GMACCM) has closed a $25,000,000 first mortgage for the refinancing of an outdoor anchored retail power center located in St. Louis, Missouri.

Located on Manchester Avenue in St. Louis, a K-Mart and Sam's Club are the featured anchor tenants in the St. Louis Marketplace Shopping Center. The center has a total of 498,265 square feet. Other retailers include Sear's, Blockbuster Video, Office Max, Kaybee Toys, McDonalds, and Taco Bell.

The floating-rate three-year mortgage is a repositioning loan for an existing customer, which is a national real estate owner / developer in partnership with an opportunity fund.

GMAC Commercial Mortgage was able to successfully close this complex loan under a tight timeframe under the terms originally quoted, in order to meet the pay-off deadline with the previous lender.

GMACCM Vice President Sam Kirschner and Vice President David M. Fishler of the New York City office originated and structured the transaction.

GMAC Commercial Mortgage, based in Horsham, PA is a wholly owned subsidiary of GMAC. It is the nation's leading one-stop financial resource in the commercial banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide.

GMACCM has a servicing portfolio of over $90 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as a e-commerce offerings through the Internet. It is the nation's largest Fannie Mae and Freddie Mac servicer.

News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.