Acquisition Financing for an Illinois Mixed-Use Property
CHICAGO--(BUSINESS WIRE)--March 14, 2006
GMAC Commercial Mortgage Corporation (GMACCM) has
provided $21,600,000 in fixed-rate financing for a Chicago mixed-use
The property, located at One East Ontario, is comprised of retail,
office and residential space. The loan provided by GMACCM is secured
by the first six floors of the 51-story, mixed-use property, as well
as four floors and 203 spaces of an attached, nine-story, 490-space
parking garage. Floors seven through 51, which are not included in
this loan, are being converted into residential condominiums.
GMACCM Senior Vice President and Branch Manager Scott Dow, of the
Boston loan origination office, arranged the transaction. Winthrop
Realty Trust, a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, received the funding.
According to Dow, "This was a complex transaction in which GMACCM
understood the borrower's business plan and utilized local market
experience to meet the needs of our client."
GMAC Commercial Mortgage Corporation (GMACCM), a wholly owned
subsidiary of GMAC Commercial Holding Corp., is a premier financial
services firm with extensive funding sources that, coupled with a
broad menu of innovative financing programs, serve the needs of
borrowers of commercial real estate debt as well as the providers of
such capital. GMACCM is an industry leader in loan origination,
servicing, asset management, investment management and technology
services. The diverse lending and servicing specialist and its
affiliates have more than 100 offices worldwide. GMACCM has a
servicing portfolio of more than $276 billion and provides a variety
of financing products and services including permanent, interim,
mezzanine and construction lending as well as equity capital for
commercial real estate. GMACCM has specialized lending units focused
on healthcare, hospitality and construction lending.
News releases and other information about GMACCM, its products and
services are available at www.gmaccm.com.
GMAC Commercial Mortgage Corporation (GMACCM)
Joyce Patterson, 215-328-3842
Courtney Robinson, 215-328-3381
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