GMAC Commercial Mortgage Corporation Arranges a Total of $130 Million in Refinancing for Two California Multifamily Properties

Business Wire, Dec 2, 2005

LOS ANGELES -- GMAC Commercial Mortgage Corporation (GMACCM) has provided a total of $130,000,000 in fixed-rate refinancing for two Aliso Viejo, Calif., multifamily properties.

The Class A St. Moritz Resort Apartments and Barcelona Resort Apartment Homes are located at 23411 Summerfield and 23592 Windsong, respectively. The two properties collectively have 1,265 units and both feature resort-style pools and plush landscaping.

GMACCM Senior Vice President Mitchell R. Thurston and Vice President Andrew J. Ahlers, of the San Francisco loan origination office, arranged the transaction through Freddie Mac, and an affiliate of San Francisco-based Gerson Bakar & Associates received the funding.

According to Thurston, "By fixing the interest rates very early in the refinancing process, GMACCM enabled the borrower to lock in rates well below five percent on an interest-only basis for the entire term of the loans. These two loans were funded approximately 40 days from the execution of the loan applications, which enabled the borrower to comply with the payoff requirements of the existing mortgages."

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.

Property photos available upon request.

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.