HORSHAM, Pa., Oct. 29 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
announces the closing of a $51 million credit facility for the construction
and permanent financing of eight assisted living facilities in Eastern
Pennsylvania and Southern New Jersey.
    Three complexes initially covered by the financing include the recently
opened New Seasons at Allentown, PA; and now under construction New Seasons at
New Britain, in New Britain Township, Montgomery County, PA, and the New
Seasons Voorhees in Camden County, New Jersey.  Each complex will have between
80 and 100 units.  New Seasons is jointly sponsored by Independence Blue Cross
and Pitcarin Properties Health Care Group.
    "The strength of ownership is one of the many factors that attracted us to
this deal," said Ed Riedlinger, Senior Vice President of GMAC Commercial
Mortgage.  "Our past experience with Pitcarin assured us that quality
institutions would be built.  The ownership position by Independence Blue
Cross assures the elderly residents of first class treatment."
    GMAC Commercial Mortgage is the nation's leading one-stop financial
resource in the commercial mortgage banking industry, The diverse lending and
servicing specialist has more than 30 nationwide offices.  GMACCM has a
servicing portfolio of over $30 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.
For GMACCM press releases by fax, call 800-758-5804, ext. 122720.

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