HORSHAM, Pa., June 2 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM) has
announced the formation of Realty Services International (RSI), a wholly owned
subsidiary of GMAC Commercial Mortgage. Realty Services International, an
appraisal and appraisal services company, named Paula Thoreen, formerly a
GMACCM vice president, its chief operating officer.
"We have formed this company," said GMAC Commercial Mortgage President
David A. Creamer, "because of the phenomenal growth of our appraisal division,
the industry's clear need for these services, and our own need for an
independent entity with which groups within our organization can enter into
strategic alliances."
In 1997, GMACCM's appraisal division tripled its number of offices from
three to nine, and its staffing from 17 to 45 appraisers. The division, which
was acquired from The Hanford/Healy Companies in 1996, conducted business
within GMACCM's Real Estate Services Group, one of the groups with which RSI
will now have a strategic alliance. Also in 1997, the appraisal operation
increased its geographic presence and its ability to work for larger
portfolios and penetrate new markets. The majority of appraisal business is
from external, third party clients.
The new company is pursuing several initiatives for the CMBS market. It
also is developing a new database to be used by RSI and its sister companies.
This database will be accessible through the GMACCM's Intranet. GMACCM's
originators, asset management and due diligence staffs, and others, therefore,
will have access to the database.
According to Thoreen, "Information available from the database will be
used not only to generate market analyses but also to conduct market
surveillance. Such surveillance allows us to monitor market trends prior to
and following producing reports so that we can alert owners and investors to
any market changes that would affect their asset's value."
RSI will perform appraisals and provide consulting services for
multifamily properties; office buildings; industrial parks; regional shopping
malls and other retail locations; hospitality; hospitals and other healthcare
facilities; and vacant land. It will provide these services internally for
GMAC and externally for pension funds and advisers, financial institutions,
insurance companies and other institutional investors; private investors;
banks and saving and loans, government agencies, and others.
GMAC Commercial Mortgage is the nation's leading one-stop financial
resource in the commercial banking industry. The diverse lending and
servicing specialist operates more than 40 offices throughout the US and
offers a variety of products and resources including long-term, interim, and
construction financing. News releases and other information about GMAC
Commercial Mortgage, its products and services are available through the
Internet at http://www.gmaccm.com. 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, Vice President of Public
Relations of GMAC, 215-328-3383
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