HORSHAM, Pa., Nov. 23 /PRNewswire/ -- GMAC Commercial Mortgage Corporation
(GMACCM) has arranged $40,000,000 in financing for construction of a Los
Angeles, California multifamily complex.
The Fountain Park Apartments located at the intersection of Lincoln and
Jefferson Boulevards, received a floating rate construction / permanent loan
with a 30-year amortization. The complex will have 409 units located in three
four-story buildings on six acres. It will have a total of 338,672 square
feet. Complex amenities will include a swimming pool, spa, fitness center and
office. The property also features underground parking and 2,435 square feet
of retail space.
The property is classified as affordable housing with 20 percent of the
units at 50 percent or less of the median area income. Playa Phase I
Apartments, LLC is the borrower.
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 (+/-)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.
GMACCM Vice President Marilyn Brandt of the Denver office and Senior Vice
President Ralph D. Winkler of the Pasadena office arranged the transaction.
Fannie Mae provided credit enhancement for the housing bonds issued by the
City of Los Angeles.
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 $74 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
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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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