HORSHAM, Pa., June 10 /PRNewswire/ -- GMAC Commercial Mortgage has
provided $30 million in financing for two Manhattan office buildings.
Funding for the 489 Fifth Avenue 34-story building is $20,000,000. The
property is located at Fifth Avenue and 42nd Street. It has 150,000 square
feet and a 98 percent occupancy rate. The financing included a 7.23 percent
fixed interest rate and a 30-year amortization.
GMACCM's Vice President Robert Bautch of the Milwaukee office arranged the
transaction.
The Heritage Plaza Office complex received $10,000,000 in financing with a
7.25 percent fixed interest rate and a 22.5-year amortization. The property
has 110,000 square feet and an average occupancy rate of 96 percent. The loan
to value is 75 percent and the debt service coverage is 1.4.
GMACCM's Vice President Jeff Potter of the Milwaukee office arranged the
transaction.
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.
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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