GMAC Commercial Mortgage Corporation Provides $45.3 Million in Refinancing for a Virginia Office Building

Business Wire, Dec 20, 2005

HAMPTON, Va. -- GMAC Commercial Mortgage Corporation (GMACCM) has provided $45,300,000 in interim, floating-rate refinancing for a Hampton, Va., office property.

NetCenter, located at 5200 Mercury Boulevard, is a 559,586-square-foot office building situated on 38.6 acres whose tenants include Northrop Grumman, Verizon and AMSEC. Originally developed as a regional mall in 1974, NetCenter currently represents the largest single office building in the entire Hampton metropolitan area.

GMAC Commercial Mortgage has agreed to an initial funding of $35,550,000 million and additional advances totaling $9,750,000 for tenant improvements/leasing commissions and capital expenditures.

GMACCM Vice President Jason Roach, of the Washington, D.C., loan origination office, arranged the transaction, and NetCenter Partners, LLC received the funding.

According to Roach, "GMACCM offered the most flexibility and was willing to work with the borrower under unique circumstances, as the subject property represents a continued renovation of a regional mall into an office/tech center. With the property currently 70 percent occupied, GMACCM proposed a three-year interim loan. NetCenter is a landmark property within the Hampton area of Virginia and is known as a successful turnaround of a defunct regional mall into a unique option for large office users typically associated with the area's military-based local economy."

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.