HORSHAM, Pa., May 26 /PRNewswire/ -- GMAC Commercial Mortgage Corporation
(GMACCM) today announced signing a definitive agreement to acquire Newman &
Associates, Inc. (Newman), a privately held Denver-based investment banking
firm specializing in the financing of real estate projects, and Newman
Mortgage Acceptance Corporation (NMAC), Newman's mortgage banking entity.
Newman will become a wholly-owned GMACCM subsidiary.
Financial terms of the agreement were not disclosed. The transaction is
expected to close in June, pending receipt of regulatory approvals.
Newman is the nation's leading underwriter of affordable housing projects
and has been recognized by the Public Securities Association as the leading
investment banking firm for the number of tax-exempt multifamily transactions
financed in the past decade.
"This is an outstanding opportunity for both companies," said David E.
Creamer, GMACCM's President. "We are excited about adding Newman to GMAC
Commercial Mortgage, particularly the prospect of enhancing the products and
services we offer and expanding the opportunities to serve our clients. Like
GMAC Commercial Mortgage, Newman enjoys tremendous loyalty from its many
clients, due to its longstanding commitment to them. Along with its solid
reputation, Newman & Associates brings professional expertise over a wide
range of real estate and financing services that few other investment banking
firms enjoy."
Scot B. Barker, Newman's President, said "we are also extremely excited
about the alliance with GMACCM. It will give us added resources, enabling us
to compete for a wide variety of opportunities and transactions. Greater
access to capital will allow us to offer products we could not offer to date.
We believe that this relationship will enable us to take both ourselves and
our clients to higher levels of accomplishment and competitive ability. We
are proud to become an integral part of GMACCM -- the nation's leading
commercial mortgage institution."
Newman was founded in 1979. Newman and its affiliates have more than
60 employees and branch offices in San Diego, Los Angeles, Washington, D.C.
and New Orleans.
Newman is the leading underwriter of securities which finance income
property projects. Newman provides tax-exempt and taxable debt through both
public offerings and private placements, as well as private placements of
equity. In addition to accessing the securities markets to finance income
properties, asset backed securities, and equity, Newman & Associates provides
a variety of mortgage banking services through its mortgage banking entities
of Silverstate Financial Corporation and Newman Mortgage Acceptance
Corporation, both of which are approved mortgagees for FHA and FNMA.
GMACCM is America's leading one-stop financial resource in the commercial
mortgage banking industry. The diverse lending and servicing specialist has
more than 40 offices nationwide, a servicing portfolio of more than
$45 billion, and offers a variety of products and resources including
long-term, interim and construction financing.
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.
SOURCE GMAC Commercial Mortgage Corporation
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMACCM, 215-328-3383, or
Scot Barker of Newman & Associates, 303-293-8500
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