GMAC Commercial Mortgage Provides $23 Million in Financing for New York Multifamily Property

Business Wire, August 29, 2002

Business Editors

BROOKLYN, N.Y.--(BUSINESS WIRE)--Aug. 29, 2002

GMAC Commercial Mortgage Corporation (GMACCM) has provided the debt and equity capital, including a $20,500,000 construction loan, for a Brooklyn, N.Y., apartment complex.

Upon completion, Boerum Court Apartments, located at 327-341 State Street, will consist of an 11-story apartment building with 99 residential units and an 85 car indoor parking garage. The complex has a total of 99,000 square-feet of gross buildable area above grade.

GMACCM Vice President David Fishler of the New York City retail loan origination office arranged the transaction for the New York City-based developer.

In addition to the construction loan provided by GMACCM, David Fishler arranged a $2,500,000 joint venture equity investment in the project through GMAC Institutional Advisors, LLC, a subsidiary of GMACCM. The developer was able to obtain approximately 90% of total project costs based on the debt and equity structure provided by GMACCM and its subsidiary. Michael Brody of SGI Realty Investors, a real estate advisory firm based in New York City, represented the developer who sponsored the project.

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, investment management and technology services. The diverse lending and servicing specialist and its affiliates have more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $154 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 franchise and equipment lending.

GMAC Institutional Advisors, LLC is a SEC registered investment advisor specializing in commercial real estate equity and debt investment and is a wholly-owned subsidiary of GMACCM.

Press releases and other information about GMACCM and its products and services are available at www.gmaccm.com.