HORSHAM, Pa., Oct. 5 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has provided $44,000,000 in financing for a Los Angeles, California, apartment
complex.
GMACCM provided $44,000,000 in construction/permanent financing for Playa
Phase I Apartments, LLC for the Fountain Park Apartments on Lincoln and
Jefferson Boulevards.
The blend of Tax-Exempt and Taxable floating rate bonds were credit
enhanced by Fannie Mae and were underwritten at a 6.6 percentage rate. The
actual floating rate payable is plus/minus 4.0 percent. The bonds were also
structured with a Direct-Pay feature. Amortization is 30 years with a
loan-to-value of 76 percent and debt-service-coverage of 1.20. The property
is classified as affordable housing with 20 percent of the units at 50 percent
of median income.
Fountain Park Apartments will have 338,672 square-feet of net rentable
area on six acres. Amenities will include: a pool, spa, recreation area and
an underground parking garage.
The 409-unit apartment complex is scheduled to break ground on Dec 1st.
GMAC Commercial Mortgage Vice President Marilyn Brandt of the Westminster,
CO, 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 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 of GMAC Commercial
Mortgage, 215-328-3383
SOURCE GMAC Commercial Mortgage
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383 /Company News On-Call:
http://www.prnewswire.com/comp/122720.html or fax, 800-758-5804,
ext. 122720
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