GMAC Commercial Mortgage Corporation Arranges $24.25 Million in Refinancing for a Texas Multifamily Property

Business Wire, Dec 20, 2005

AUSTIN, Texas -- GMAC Commercial Mortgage Corporation (GMACCM) has arranged $24,250,000 in permanent, fixed-rate, refinancing for an Austin, Texas, multifamily property.

Nalle Woods Apartments, located at 4700 Capital of Texas Highway, is a Class A+, 238-unit, garden-style multifamily community. The 267,376-square-foot property is situated on approximately 24 acres.

GMACCM Senior Vice President John Morran, of the Austin, Texas, loan origination office, arranged the transaction through Nationwide Life Insurance. Nalle Woods, Ltd. received the funding.

According to Morran, "GMACCM was able to arrange financing for the full loan request before this new property had reached its fully stabilized occupancy levels. This transaction was attractive to GMACCM not only because Nalle Woods Apartments is an impressive property, but also because it was built by Larry Peel, one of Austin's most highly respected developers."

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 photo available upon request.