GMAC Commercial Mortgage Corporation Arranges $107,122,000 in Refinancing for a Multifamily Portfolio

Business Wire, Feb 11, 2005

ARLINGTON, Va. -- GMAC Commercial Mortgage (GMACCM) has arranged $107,122,000 in floating-rate refinancing for a four-property multifamily portfolio containing 1,070 units in Maryland and Virginia. The financing will allow for the sale of the units in one of the properties, The Brittany Apartments in Arlington, Va., as condominiums.

GMACCM Vice President Marvin Hill of the Washington, D.C., loan origination office arranged the transaction through GE Capital for borrower, RDI Apartment Acquisition LLC, a joint venture between principal ROSS Development & Investment and a GMACCM affiliate. Hill commented, "GE Capital worked closely with the borrower to complete this highly-structured, complex transaction in a short time frame at the end of the year."

Shortly after acquiring the properties in 2003, the joint venture began renovating and repositioning these assets. In the original transaction, GMACCM provided $40 million in preferred equity in addition to joint-venture equity financing. GMACCM's affiliate was advised by GMAC Institutional Advisors on the equity investment.

The 12-story, 408-unit Brittany Apartment Community is located at 4500 South Four Mile Run Drive in Arlington. The property offers garage parking, public transportation, a fitness center, swimming pool, secured access with security cameras, tennis courts, business center, party activity room and concierge desk.

"There is a great deal of excitement about selling the individual units of The Brittany Apartment Community as condominiums," said Hill. The sale of the 408 individual units will commence in the spring of 2005.

The other properties in the portfolio, Crestleigh Apartments, Sutton Walk and Lenox Court are located in Maryland. The garden-style Crestleigh Apartments in Laurel, Md., consist of 11 buildings with 389 units. Sutton Walk and Lenox Court are located adjacent to one another in New Carrollton, Md.; the properties are managed together. Sutton Walk's six garden-style apartment buildings sit on 7.618 acres, and have 184 units. Lenox Court's two, four-story, garden-style apartment buildings sit on 3.98 acres and contain 89 units. Property management services for these apartment communities is performed by Realty Management Services, Inc.

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 mortgage banking, lending and investment, investment advisory, investment banking and servicing/portfolio management services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $247 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.