HORSHAM, Pa., Aug. 26 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has arranged $64,000,000 in financing for the Doral Village Apartments in
Miami, Florida.
The transaction includes $52,300,000 in debt, and $11,700,000 in equity,
arranged by GMACCM's Equity Investment group.
The construction loan will provide renovation financing for the 970-unit
luxury rental complex. The multifamily community is located on 27.1 acres of
land, and has 849,215 square-feet. The complex features four swimming pools,
six tennis courts, four outdoor racquetball courts, three exercise facilities
and a community room.
The borrower, The Lincoln Property Company, has scheduled renovations for
both the unit interiors and grounds. They will include painting, parking lot
repairs and resealing, construction of a new clubhouse with a gated entrance,
cabinetry upgrades, new counter tops, new lighting fixtures, washers/dryers in
each unit, and new carpet and tile flooring.
The transaction was originated by assistant vice president Peter Smolenski
of GMACCM's Chicago loan production office. GMACCM recently expanded its
nationwide network with a new loan production office in Miami.
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, ext. 122720.
SOURCE GMAC Commercial Mortgage Corporation
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CONTACT:
Scott Rombach, V.P. of Public Relations of
GMAC Commercial Mortgage, 215-328-3383
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