HORSHAM, Pa., Sept. 29 /PRNewswire/ -- GMAC Commercial Mortgage Corp.'s
(GMACCM) Manhattan Office has closed a $49,225,000 mortgage for a New York
City office building.
The 20 story property, located at 711 Third Avenue, is owned by S. L.
Green, a major Real Estate Investment Trust (REIT), known for their expertise
in owning and managing New York City office buildings. Built in the 1950s,
the property is 96% occupied.
The permanent fixed rate financing involved a 50% ground lease component,
and was structured with a six-year term with one year of interest only and the
balance based on a 30-year amortization. The interest rate was 8.13%. This
transaction was tailored to allow the borrower to increase its income as
leases turnover, while maintaining the advantage of a fixed interest rate.
GMACCM Manhattan office Vice Presidents Diane Papsidero, Gloria Mo and
David Fischler originated the loan.
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.
CONTACT: Scott Rombach of GMAC Commercial Mortgage, 215-328-3383.
SOURCE GMAC Commercial Mortgage Corp.
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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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