Without disclosing the terms of the loan, Higgins says, "Freddie Mac provided an extremely competitive quote in terms of loan proceeds, spread and amortization in order to keep these loans within their portfolio." GMACCM's processing capabilities enabled the Morgan portfolio to go from application to closing within 41 days, according to Higgins.

The portfolio encompasses an aggregate of 4,226 units at properties in Pennsylvania, New Jersey, Delaware and Maryland. A year ago, Morgan, which is headquartered here, acquired a 19-property portfolio with an aggregate of 7,244 units from Philadelphia-based Pennsylvania Real Estate Investment Trust for $420 million, and PREIT became a retail-only REIT.

At that time, Morgan worked with GMACCM on arranging equity. Mitchell Morgan, CEO, notes that his company has worked with GMACCM "a number of times" and says that its staff has "consistently demonstrated the ability to deliver on their promises." Horsham, PA-based GMACCM has a servicing portfolio of more than $246 billion.

The privately held Morgan owns and operates more than 50 apartment complexes with more than 16,000 units located primarily throughout the mid-Atlantic and Southern US. The PREIT acquisition significantly enlarged Morgan's overall portfolio and enhanced its presence in Florida in particular.