GMAC Commercial Mortgage Corporation Arranges $25.4 Million in Refinancing for a Texas Multifamily Property

Business Wire, Feb 16, 2005

DALLAS -- GMAC Commercial Mortgage Corporation (GMACCM), recently named as Freddie Mac's number one originator for 2004, has arranged $25,400,000 in refinancing through Freddie Mac's capped ARM program for Windsor Heights at Valley Ranch, a 396 unit Class A multifamily project. The property is located at 8001 North MacArthur Boulevard in Irving, Texas.

Cornerstone, a publicly traded REIT has owned the project since 2002 when GMACCM utilized its balance sheet to provide a high-leverage acquisition loan. Senior Vice President Mike Bryant of the Dallas origination office and Senior Vice President Don Marshal of the Richmond, Va., origination office arranged the permanent financing. The loan is a ten-year loan that floats above LIBOR, contains a lifetime cap on the interest rate and can be prepaid any time after 12 months with a small penalty.

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 $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.