In Acquisition Financing For An Illinois Office Property
CHICAGO--(BUSINESS WIRE)--May 12, 2006
GMAC Commercial Mortgage Corporation (GMACCM) has
arranged $81,775,000 in interim, floating-rate, acquisition financing
for a Chicago office property.
Triangle Plaza, located at 8750-8770 W. Bryn Mawr, is a two-tower
office complex situated on 11.7 acres. The 631,445-square-foot
property contains 1790 parking spaces and is currently 80 percent
occupied by strong national, regional and local tenants.
GMACCM Vice President Peter Smolenski, of the Chicago mortgage
banking office, arranged the transaction through Allstate Investments.
An affiliate of The JBC Opportunity Fund II, L.P. received the
According to Smolenski, "GMACCM provided very competitive pricing
and terms for this repeat borrower. We closed this transaction in just
According to Kent Swanson, chief financial officer of The John
Buck Company, "GMACCM and Allstate Investments understood our goals as
a borrower and utilized our previous transaction experience in a
highly effective manner to deliver a strong debt solution without the
cost and expense of temporary acquisition debt."
GMACCM is the servicer of the loan for the future disbursement of
$21,000,000 in capital expenditures, leasing commissions and tenant
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. GMACCM's real estate lending and mortgage banking 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.
Founded in 1981, The John Buck Company ("JBC") is a privately
owned, vertically integrated, full-service real estate company
headquartered in Chicago with over 250 employees. JBC has developed,
redeveloped and/or acquired over 45 properties, representing in excess
of 28 million square feet of office, retail, hotel and residential
projects and generated almost $9 billion in cumulative transaction
volume. The JBC Opportunity Funds are real estate equity funds, which
total more than $250 million, and focus on opportunistic acquisitions
and development of high quality properties in major urban markets.
Since their inception in 2000, the Funds have made 13 investments with
a total cost in excess of $1.4 billion. Investments have been made in
Chicago, Minneapolis, New York and Washington DC. For additional
information, please visit www.tjbc.com.
Property photo available upon request.
GMAC Commercial Mortgage Corporation
Joyce Patterson, 215-328-3842
Courtney Robinson, 215-328-3381
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