HORSHAM, Pa., April 26 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has provided $108 million in permanent financing to the Pennsylvania Real
Estate Investment Trust (REIT). The transaction, from application to closing,
was completed in less than 30 days.
The transaction provided funding for eight loans, each backed by single
apartment communities. The properties, with a total of 3,275 units, are
located in Florida, Pennsylvania, Ohio and Maryland. The Florida complexes
include the Boca Palms in Boca Raton, the Cobblestone in Pompano Beach and the
Palms of Pembroke in Pembroke. The Maryland multifamily units include the
Marylander in Baltimore. In Ohio, the communities include Hidden Lakes in
Dayton, and the Kenwood Gardens in Toledo. The Pennsylvania units are Lakewood
Hills in Harrisburg and 2031 Locust Street in Philadelphia.
GMAC Commercial Mortgage Vice President Warren P. Higgins of the
Philadelphia office arranged the transaction.
The Pennsylvania REIT owns eight million square feet of shopping centers
and multifamily complexes with 7,200 units in the Eastern United States.
GMAC Commercial Mortgage, based in Horsham, PA is a wholly owned
subsidiary of GMAC. It is the nation's leading one-stop financial resource in
the commercial mortgage banking industry. The diverse lending and servicing
specialist has more than 40 nationwide offices. GMACCM has a servicing
portfolio of over $70 billion, and provides a variety of financing products
and services including long-term, interim, and construction lending.
News releases and other information about GMAC Commercial Mortgage and its
products and services are available at http://www.gmaccm.com on the Internet.
For GMACCM press releases by fax, call 800-758-5804, ext. 122720.
For more information, contact Scott Rombach of GMAC Commercial Mortgage,
215-328-3383.
SOURCE GMAC Commercial Mortgage
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Related links:
http://www.gmaccm.com
Company News On-Call:
http://www.prnewswire.com/comp/122720.html or fax,
800-758-5804, ext. 122720
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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