HORSHAM, Pa., July 23 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has provided a $20,100,000 bridge loan for the Royal Palms Hotel and Casitas
in Phoenix, AZ.
GMACCM's Hospitality Division provided the loan for the 116-room luxury
boutique hotel. The interest-only bridge loan has a two-year term. The loan
had an initial funding, and subsequent draw requests as the hotel, restaurant
and conference center are completed.
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 resources including long-term, interim and construction financing.
Press releases and other information about GMACCM 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.
SOURCE GMAC Commercial Mortgage Corporation
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CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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