GMAC Commercial Mortgage Provides $27.65 Million in Refinancing for California Hotel

Business Wire, June 27, 2002

Business Editors

GMAC Commercial Mortgage Corporation (GMACCM) has provided $27,650,000 in floating-rate interim refinancing for a Huntington Beach, Calif., hotel.

The 290-unit Waterfront Hilton Beach Resort has a total of 350,000 square-feet and is situated on 3.6 acres of land. Amenities include two restaurants/lounges, a fitness center, wedding pavilion, outdoor swimming pool, tennis courts, and an 18,000 square-foot meeting space.

The GMACCM Hospitality Production Division of Washington, DC arranged the transaction. The Waterfront Hotel, LLC received the funding.

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.

All commercial mortgage loans and extensions of credit will be made pursuant to a California Department of Corporations Finance Lenders License. All requests for commercial mortgage loans brokered to other lenders will be pursuant to a California Department of Real Estate Broker License #00398180.

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