HORSHAM, Pa., July 1 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM) has
completed its previously announced acquisition of Newman & Associates, Inc.
(Newman), a privately held Denver-based investment banking firm specializing
in the tax exempt financing of real estate projects, and Newman Mortgage
Acceptance Corporation (NMAC).
Newman is the nation's leading underwriter of tax exempt affordable
housing projects. The merger was announced on May 26, 1998. Financial terms
of the agreement were not disclosed.
"Newman is a substantial addition to our business," said David E. Creamer,
GMACCM President. "Their well-established affordable housing capabilities,
combined with our strong origination and servicing will immediately enhance
our ability to serve our clients and leverage our comprehensive lines of
businesses."
GMAC Commercial Mortgage, based in Horsham, 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 $47 billion, and provides 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.
Press 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 GMAC Commercial Mortgage,
215-328-3383
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