CHICAGO and HORSHAM, Pa., Sept. 28 /PRNewswire/ -- GMAC Commercial
Mortgage Corp. (GMACCM) and BANK ONE CORPORATION today announced a strategic
alliance in which GMACCM will provide commercial mortgage banking global
resources and product capabilities through Bank One offices in 13 cities.
Under the 5-year agreement that begins Jan. 1, 2000, GMACCM will initially
place a GMACCM representative in designated Bank One locations in Detroit and
Grand Rapids, Mich.; Indianapolis; Chicago; Dallas, Houston, and Austin,
Texas; Columbus, Ohio; Denver; Phoenix; Portland, Ore.; and Sacramento and
Newport Beach, Calif. GMACCM will also begin the servicing of Bank One Real
Estate Services, Inc.'s $250 million commercial real estate loan portfolio.
Terms of the agreement were not announced.
"This strategic alliance provides significant benefits to the customers of
Bank One and, at the same time, brings expanded opportunities to the customers
of GMACCM," said Charles E. Dunleavy, Jr., President of GMACCM. "By having
representatives in Bank One offices, we will be able to enter the commercial
mortgage origination process much earlier, and ensure Bank One customers of
optimal service."
John E. Neal, Head - Commercial Real Estate of Bank One, said: "This
strategic alliance gives our customers access to GMACCM's vast resources and
products and an expanded footprint in key market areas."
Chicago-based BANK ONE CORPORATION (NYSE: ONE) is the nation's fifth
largest bank holding company, with a network of offices across the U.S. and a
presence in 10 foreign countries. It can be found on the Internet at
http://www.bankone.com.
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 50 offices nationwide. GMACCM has a servicing
portfolio of over $72 billion, and provides a variety of financing products
and services including permanent, interim, and construction lending, with
specialized lending units focused on healthcare and hospitality as well as a
Small Loan division.
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 further information, contact Scott Rombach, Senior Vice President of
GMAC Commercial Mortgage, 215-328-3383
SOURCE GMAC Commercial Mortgage Corp.
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach, Senior Vice President of GMAC
Commercial Mortgage, 215-328-3383
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