HORSHAM, Pa., May 19 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM) has
provided $23,510,000 in financing for the construction of The Breakers at
Olympia Fields, a Chicago-area rental retirement community.
    The five-year construction and mini-perm loan was provided for the
development of The Breakers senior living community in south suburban Olympia
Fields.  The loan is part of a $75,000,000 credit facility that Senior
Lifestyle Corporation will use to develop congregate care and assisted living
communities in the Eastern United States.
    The third Breakers community to be developed in the Chicago area by Senior
Lifestyle Corporation, the Olympia Fields project will contain a total of
209 units, comprised of 177 congregate care living residences in the main
building and 32 duplex villas that surround the property's perimeter.  The
community is expected to open in the Spring of 1999.
    GMACCM Vice President Bill Kauffman of the Chicago office arranged the
transaction.
    Chicago-based Senior Lifestyle Corporation operates over 60 senior housing
communities that represent over 10,000 units in 15 states.  The Breakers at
Olympia Fields is currently under construction and accepting priority
deposits.  For more information, call 708-747-3333.
    GMAC Commercial Mortgage is the nation's leading one-stop resource for the
commercial mortgage banking industry. The company has more than 40 nationwide
offices and numerous affiliations and operations globally for multifamily and
commercial lending and servicing.  GMACCM offers a complete range of real
estate capabilities, including long-term, interim and construction financing.
It has a servicing portfolio in excess of $70 billion.  Specialties include
healthcare and hospitality, and additional portfolio management services
including asset management and appraisal.  It is also the nation's largest
Fannie Mae servicer.
    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.

Link to this page:

  

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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