GMAC Commercial Mortgage Corporation Arranged $42.72 Million in Acquisition Financing for a California Office Building

Business Wire, Dec 13, 2005

SAN FRANCISCO -- GMAC Commercial Mortgage Corporation (GMACCM) has arranged $42,720,000 in fixed-rate, acquisition financing for a San Francisco, Calif., office building.

Located at 501 Second Street, the seven-story office building resides in San Francisco's South of Market area. The property was built in 1925 as a four-story warehouse and was later renovated and expanded to its current size, 207,809 square feet, in 1985. The property offers underground parking for 141 vehicles and is currently 95 percent occupied.

GMACCM Senior Vice President Mitchell R. Thurston and Vice President Andrew J. Ahlers, of the San Francisco regional production office, arranged the financing through a CMBS lender, and The Swig Company received the funding.

According to Thurston, "The borrower engaged GMACCM to survey the lending market and locate the most attractive financing for the acquisition of this property. Given this mandate, we created a competitive lending situation that enabled the borrower to select the optimal financing for their needs."

GMAC Commercial Mortgage Corporation (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 100 offices worldwide. GMACCM has a servicing portfolio of more than $265 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 construction lending.

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

GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810.