HORSHAM, PA-Locally based GMAC Commercial Mortgage Corp. (GMACCM) has paid $86.5 million, the lion’s share of the total $106-million price tag for three of Australia-based Lend Lease Corp.’s U.S. debt businesses. GMACCM also paid Lend Lease approximately $49.2 million for the businesses’ outstanding debt. This closes stage one of the transaction that was initially announced this May.

The three businesses are: Atlanta-based CapMark Services; the Debt Advisory Group, which includes program lending; and the North American Asset Management (distressed debt) business. CapMark alone adds a $60-billion servicing portfolio to GMAC’s existing $161-billion servicing portfolio.

The Lend Lease acquisition also includes $5 billion in managed accounts from the Debt Advisory Group and $21 billion in special servicing from the asset management business. When the sale was announced, David E. Creamer, chairman of GMAC Holding Corp., which is GMACCM’s parent company, said the debt advisory platform complements GMACCM’s existing $6-billion investment management business.

Timing for completion of the remaining stages of the acquisition and payment of the additional $19.5 million was not disclosed.

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