GMAC Commercial Mortgage Corp.'s hospitality industry division arranged and underwrote the transaction. Bruce Lowrey, senior vice president, hospitality industry division, explains the reason for the financing at this time. "Savvy Borrowers recognize that its good business to take advantage of low cost debt."
Hotel amenities include the 60-seat Fifty Seven Fifty Seven restaurant, an 80-seat bar, a lounge and a full-service, 5,000-sf spa and fitness center, which includes a sauna, whirlpool and nine treatment rooms. Additional amenities include a business center, a clothing store and 9,584 sf of meeting space over nine rooms.
GMACCM is a wholly owned subsidiary of GMAC Commercial Holding Corp. and has a servicing portfolio of more than $253 billion The firm also has specialized lending units focused on healthcare, hospitality and construction lending.
The division also worked on a four-property hotel portfolio that was refinanced for $103.2 million. The hotels involved are in North Carolina, Georgia, California and Las Vegas. For additional information, click here.
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