HORSHAM, Pa., Aug. 13 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has originated $415 million in financing for 40 Washington/Baltimore-area
multifamily properties. The complexes, managed by Vienna, Virginia-based
Southern Management Company, have 15,388 apartment units. The financing was
arranged and funded by Donaldson, Lufkin & Jenrette, the investment banker for
the transaction.
GMACCM will service the loans on behalf of the Commercial Mortgage Backed
Security (CMBS) holders.
The portfolio was refinanced under Fannie Mae's Negotiated Transaction
Program in which the mortgage loans are sold to Fannie Mae in exchange for a
Fannie Mae Mortgage Backed Security. Four of the multifamily properties are
located in the city of Baltimore, 32 in suburban Maryland, and four in
Virginia.
The properties range in size from 60 units to 1,406, and are comprised of
garden-style and high-rise complexes, constructed predominantly in the early
1960s.
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 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.
SOURCE GMAC Commercial Mortgage Corporation
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CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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