GMAC Commercial Mortgage Arranges $28.3 Million Financing for Three New England Retail Properties

31 October 2000

GMAC Commercial Mortgage Arranges $28.3 Million Financing for Three New England Retail Properties

    HORSHAM, Pa.--Oct. 31, 2000--GMAC Commercial Mortgage (GMACCM) has arranged $28,350,000 in permanent financing for three retail properties located in and North Attleboro, Massachusetts, and Manchester, Connecticut.
    The financing includes a cross collateralization and cross default fixed-rate ten-year loan with a 30-year amortization.
    Hale Road Plaza in Manchester, Connecticut, received $10,725,000 in permanent financing. Christmas Tree Shops Plaza, located in North Attleboro, Massachusetts, received $9,675,000 in permanent financing. Bernie's Plaza, also located in North Attleboro, Massachusetts, received $7,950,000 in permanent financing. The borrowers are Cumberland Avenue Plaza L.L.C., Christmas Tree Shops Plaza L.L.C., and Hale Road Plaza L.L.C.
    Anchor tenants for the three properties are The Christmas Tree Shops, MVP Sports, and David's Bridal. The three retail properties have a total of 269,107 square-feet.
    GMACCM Vice President John D. Motzel of the Red Bank, New Jersey office arranged the transactions.
    GMAC Commercial Mortgage, based in Horsham, PA is a wholly owned subsidiary of GMAC Commercial Holding Corp. It is the nation's leading one-stop financial resource in the commercial banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide.
    GMACCM has a servicing portfolio of over $82 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending.
    News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.