GMAC Commercial Mortgage Provides $29.3 Million in Refinancing for Florida Multifamily Property

Business Wire, July 25, 2002

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--July 25, 2002

GMAC Commercial Mortgage Corporation (GMACCM) has provided $29,300,000 in fixed-rate refinancing for a Naples, Fla., apartment complex.

The 264-unit Fairway Preserve at Olde Cypress is located at 7995 Preserve Circle. The complex has a total of 346,355 square-feet and is situated on 16.45 acres of land.

Amenities include gated entry with card access, two-story clubhouse with business center, sports-plex with showers and lockers, air conditioned racquetball court, 24 hour fitness center, heated swimming pool, 9-hole putting green, and an outdoor cabana.

GMACCM Senior Vice President Al Moczul of the Jacksonville, Fla. retail loan origination office arranged the transaction through GMACCM's conduit, Commercial Capital Initiatives, Inc. (CII). Fairway Preserve Apartments at Olde Cypress received full funding at closing.

GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp., is the leading U.S. financial solutions provider serving commercial real estate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages.

The diverse lending and servicing specialist and its affiliates have more than 85 offices worldwide.

GMACCM has a servicing portfolio exceeding $150 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 e-commerce offerings through Internet commercial mortgage lending.

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