Refinancing for a Portfolio of Senior Housing Properties
HORSHAM, Pa.--(BUSINESS WIRE)--April 17, 2006
GMAC Commercial Mortgage Corporation (GMACCM) has
provided $140,000,000 in floating-rate refinancing for a portfolio of
11 senior housing properties located throughout New England. This
transaction represents the refinance of a previous GMACCM loan.
The portfolio consists of a total of 775 units comprised of 62
independent-living units, 396 assisted-living units and 317
memory-impairment units. Four of the properties are located in
Massachusetts, two in Connecticut, two in New Hampshire and one each
in Maine, Rhode Island and Vermont.
GMACCM Senior Vice President Philip Brooks, of the Richmond, Va.,
Healthcare origination office, arranged the transaction, and a joint
venture managed by Benchmark Assisted Living LLC received the funding.
The proceeds of the loan were used to pay off existing debt, fund
capital expenditures and future acquisitions by the joint venture, and
return capital to the members of the joint venture.
According to Brooks, "Benchmark is a superior operator in
providing board and care services to senior citizens in New England.
We have worked with them for several years and consider them one of
our best customers."
GMAC Commercial Mortgage is a Capmark Financial Group Inc.
(Capmark) company. Formerly known as GMAC Commercial Holding Corp.,
Capmark is an industry leader in real estate finance, investments and
services. Capmark's real estate lending and origination platform has
access to multiple capital sources. The company is a direct lender, a
correspondent for life insurance companies and pension funds and one
of the leading approved lenders for FHA, Fannie Mae and Freddie Mac.
In 2005, Capmark's originations were $29.9 billion.
Capmark's funds and investment management platform is a highly
respected manager of equity real estate and mortgage-related
investments in the public and private markets with $10.8 billion in
investments under management and supervision.
With a portfolio of approximately $285 billion, Capmark is one of
the industry's leading loan servicers.
The diverse real estate finance, investments and services company
has more than 100 offices and operations in North America, Asia and
Europe. For more information, visit www.gmaccm.com.
GMAC Commercial Mortgage Corporation (GMACCM)
Joyce Patterson, 215-328-3842
Courtney Robinson, 215-328-3381
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