HORSHAM, Pa., Dec. 1 /PRNewswire/ -- GMAC Commercial Mortgage Corporation
(GMACCM) closed a $103,000,000 loan on a Manhattan multifamily property
located at 200 Water Street. The 31-story building has 576 apartment units
and three ground-floor retail stores.
The entire residential component of the building is leased and Staples is
the major commercial tenant.
The building is on the corner of Water Street @ Fulton Street, in downtown
Manhattan. The complex property represents a successful conversion from
vacant office space to residential housing. An affiliate of Rockrose
Development Corp., one of New York's premier developers, is the owner,
developer, and manager of the building. It has a spectacular view of the
Brooklyn Bridge and East River.
This loan was originated, underwritten and funded by GMAC Commercial
Mortgage through the Freddie Mac Program. The loan represents the largest
Freddie Mac loan on the East Coast and the second largest loan ever originated
through the Freddie Mac program nationwide. GMAC Commercial Mortgage is the
largest Freddie Mac Seller Servicer in the nation and is expected to fund
$1 billion through this program by year-end 1999.
Vice Presidents Diane Papsidero, Gloria Mo and Irwin Boris of GMAC
Commercial Mortgage's New York City Office were the Loan Officers.
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.
CONTACT: Scott Rombach of GMAC Commercial Mortgage, 215-328-3383.
SOURCE GMAC Commercial Mortgage Corporation
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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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