Acquisition Financing for an Illinois Hotel CHICAGO--(BUSINESS WIRE)--April 20, 2006 GMAC Commercial Mortgage Corporation (GMACCM) has provided $41,120,000 in floating-rate, interim, acquisition and renovation financing for a Chicago hotel. Affinia Chicago, located at 166 East Superior Street, is 28-story property containing both 143 hotel rooms, a restaurant, a lounge and commercial office space. With their acquisition, Denihan Hospitality Group plans an extensive renovation that includes gutting the commercial space to create 44 additional guestrooms. New furniture, fixtures and equipment will be added in all guestrooms and guestroom corridors, and upgrades will be made to the entrance, as well as all public areas. Upon completion, the property will contain 207 guestrooms, a restaurant, lounge, approximately 5,000 square feet of meeting space, a fitness center. The hotel will also feature the signature Affinia items such as the Affinia Pillow Menu and Affinia Bed. GMACCM's Hospitality Industry Division arranged and underwrote the transaction, and 166 E. Superior, LLC received the funding. According to GMACCM Vice President Angelo Stambules, of the Hospitality Industry Division, "GMACCM provided prompt decision-making in this transaction. The loan proceeds were used to acquire the Fitzpatrick Hotel and fund the conversion and renovation of the property to an Affinia hotel, which will be Affinia's first hotel outside of Chicago." 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. CONTACT: GMAC Commercial Mortgage Corporation Joyce Patterson, 215-328-3842 Joyce_Patterson@gmaccm.com or Courtney Robinson, 215-328-3381 Courtney_Robinson@gmaccm.com
GMAC Commercial Mortgage Corporation Provides $41.12 Million in
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