HORSHAM, Pa., Jan. 26 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
and Goldman Sachs Mortgage Company have closed one of the largest
single-property refinancings in recent years, with a $200 million transaction
for the tallest building West of the Mississippi.
GMACCM's Large Single Asset Transaction Group collaborated with Goldman
Sachs Mortgage Company to structure a refinancing of the 71-story Library
Tower in Los Angeles, California.
"Our strong working relationship with Goldman Sachs was a key factor in
completing this large and complex transaction," said GMAC Commercial Mortgage
Senior Vice President Marc Fox.
The refinanced property was constructed in 1989 and includes a
1.35 million square foot office and retail tower and two subterranean parking
facilities. Major office tenants include Latham & Watkins, Pacific
Enterprises and Arthur Andersen & Co. The 1,108-foot high structure is a
landmark on the downtown Los Angeles skyline.
GMAC Commercial Mortgage is the nation's leading one-stop financial
resource in commercial mortgage banking. This diverse lending and servicing
specialist has more than 30 nationwide offices, a servicing portfolio of more
than $40 billion, and provides a variety of products and resources including
permanent, interim and construction financing.
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
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
122720
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