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HORSHAM, PA., JULY 27, 1998 - The Equipment Finance Group
of GMAC Commercial Mortgage Corporation
today announced it approved more than $60 million in loans and leases during
the first half of 1998, and has more than $70 million in its new business
pipeline currently under consideration.
Created last September to provide the hospitality and healthcare industries with supplemental financing for furniture, furnishings and critical equipment, the EFG recently completed GMACCM�s first transaction in the Bahamas by providing $1 million in financing for a hotel property in Nassau. The group also closed a $25 million transaction for a major hotel/casino project. Other transactions approved to date include a $15 million line of credit to a national healthcare provider for furniture, furnishings and equipment and the refurbishment of multiple senior living facilities; $1.4 of FF&E leases for casual dining restaurant concepts, and financing for multiple hotel projects, ranging in size from $125,000 to $1 million. According to Jon Wright, GMACCM senior vice president and manager of the Atlanta-based Equipment Finance Group, transactions are typically three to seven years, fully amortized, and cover the complete cost of the FF&E, as well as soft costs and cosmetic work associated with a renovation. �The rapid success of our equipment financing group is made even more dramatic by the substantial level of prospective deals currently in our pipeline,� noted Wright. �Our burgeoning operation reflects GMACCM�s commitment to remaining unsurpassed as a one-stop financial resource.� In addition to Wright, the group�s management team includes Jim Grant and David Fender, vice presidents of business development, and John Hopkins, vice president of operations. GMAC Commercial Mortgage is the nation�s leading one-stop financial resource in the commercial mortgage banking industry. The diverse lending and servicing specialist has more than 40 nationwide offices. GMACCM has a servicing portfolio of over $47 billion, and provides a variety of products and resources including long-term, interim, and construction financing. News releases and other information about GMAC Commercial Mortgage and
its products and services are available at http://www.gmaccm.com on the
Internet.
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GMAC Commercial Mortgage Launches Equipment Finance Group to Expand Hospitality Division Business / Feb 1998 |