GMAC says it has provided $650 million in floating-rate financing for 253 golf courses in the US, the United Kingdom and Japan. The borrowers are an investor group composed of GS Capital Partners 2000, Goldman Sachs Whitehall Street Real Estate Fund 2001 and Starwood Capital Group, which have agreed to pay $1 billion for the acquisition of National Golf Properties Inc. and American Golf Corp., both based in Santa Monica. There are 228 golf courses in 29 states, 24 courses in the United Kingdom and one in Japan.

GMAC Commercial Mortgage's senior vice president Robert M. Keating of the Red Bank, NJ, retail production office arranged the transaction through the lender's conduit, Commercial Capital Initiatives Inc. The borrowers are acquiring National Golf and American Golf in a deal ratified by National shareholders at its annual meeting Dec. 18.

The investor group's buyout solves a host of financial woes for the golf course owner and operator, which suffered from a sharp drop-off in business at its courses when the economy waned. The financial woes of National and American cast doubt on their futures, prompting National's management to sell the firm to the Goldman Sachs group for $1 billion in a deal that buys out shareholders and clears the REIT's debt.

National and American will continue to own, lease or manage the portfolio of municipal, daily fee, resort and private golf courses and clubs. The new owners have named Roland Smith, former president and CEO of AMF Bowling Worldwide, as CEO of the two golf course companies.