HORSHAM, Pa., July 1 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM) has
extended a $50 million revolving three-year credit agreement to National
Income Realty Trust (Nasdaq-NNM: NIRTS), a publicly traded Real Estate
Investment Trust (REIT).
    NIRT is immediately utilizing $10,500,000 of the credit agreement for the
refinancing of the 760-unit Sandstone-Devonshire Apartments in Denver,
Colorado.  The balance of $39,500,000 will enable NIRT to fund acquisitions,
pay down debt and continue a previously announced stock repurchase program.
    NIRT operates nationwide, has a portfolio of more than 8,500 apartment
units, and over two million square feet of commercial space.  It is the
largest real estate investment trust which invests primarily in older,
moderate income apartment communities.
    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 $26 billion, and provides a variety of products
and services including long-term, interim and construction financing.

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