GMAC Commercial Mortgage

Real Estate Weekly, Jan 19, 2000

GMAC Commercial Mortgage closed a $103 million loan on the property located at 200 Water Street in Manhattan. This 31-story building consists of 576 apartments and three retail stores. The entire residential component of the building is leased and Staples is the major commercial tenant. The entire building is 100 percent occupied.

Located on the corner of Water Street at Fulton Street in downtown Manhattan, this property represents a successful conversion from vacant office space to residential housing. An affiliate of Rockrose Development Corp., one of New York's premier developers, is the owner, developer, and manager of this luxury apartment building.

This loan was originated, underwritten and funded by GMAC Commercial Mortgage through the Freddie Mac Program. This loan represents the largest Freddie Mac loan on the East Coast and the 2nd largest loan ever originated through the Freddie Mac program nationwide.

Diane Papsidero, Gloria Mo and Irwin Boris of GMAC Commercial Mortgage's New York City office were the loan officers.