The financing covered 85% of total acquisition costs. GMACCM was able to close the non-recourse, interim loan for the borrower in 30 days--a process that routinely takes at least 60 days.
Michael Duggan, GMAC's vice president of its St. Louis loan origination office, worked with colleagues in GMAC¹s Minneapolis office to arrange the transaction for Commercial Development, a specialist in purchasing and repositioning value-added industrial and retail properties and portfolios.
The portfolio includes 25 buildings--two are office buildings and the rest industrial--located throughout the Twin Cities suburbs of Eagan, Burnsville, Bloomington, Edina, Minnetonka, New Hope, and Fridley.
Mark Kolsrud, senior vice president at the Twin Cities office of Colliers Turley Martin Tucker, and Jeff Kahan of Chicago-based Colliers Bennett & Kahnweiler, worked together on behalf of Indianapolis-based Duke Realty in the transaction.
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