Permanent Financing for a Massachusetts Mixed-Use Property
BOSTON--(BUSINESS WIRE)--April 20, 2006
GMAC Commercial Mortgage Corporation (GMACCM) has
arranged $25,000,000 in permanent, fixed-rate financing for a Boston
Exeter Towers, located at 28 Exeter Street, is a nine-story,
96-unit, luxury apartment building featuring 80 one-bedroom and 16
two-bedroom units. The ground floor contains 12,000 square feet of
high-end retail, which includes the renowned restaurant Stephanie's on
Newbury. The property is 100 percent occupied.
GMACCM Vice President Robert Lipson, of the Red Bank, N.J., loan
origination office, arranged the transaction thorough Freddie Mac.
Exeter Towers LLC received the funding.
According to Lipson, "GMACCM was able to offer the best rates and
pricing through Freddie Mac's early rate lock program, which allowed
us to lock in the rate just a few days from the original submission of
the loan application. GMACCM has been very successful in working with
Freddie Mac in the Greater Boston market having closed more than $300
million in transactions over the last five years."
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.
Property photo available upon request.
GMAC Commercial Mortgage Corporation (GMACCM)
Joyce Patterson, 215-328-3842
Courtney Robinson, 215-328-3381
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