X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

MINNEAPOLIS-Residential Capital Corp., a real estate finance company, said Tuesday that it closed a $3.5 billion syndication of its bank facilities that will help it repay borrowings from General Motors Acceptance Corp. (GMAC), its parent company.

ResCap’s syndication consists of a $1.75 billion three-year term loan, an $875 million three-year revolving loan and an $875 million 364-day facility that includes a term loan option. The bank facilities will be used for working capital, general corporate purposes, and to repay money it owes to its parent company.

Louise Herrle, the company’s treasurer, said the deal was “another major milestone” for ResCap, especially in that it was completed on time and for more than the anticipated amount of $3 billion.

Residential Capital is focused on the residential real estate market in the United States, Canada, Europe and Latin America. Aside from originating and servicing mortgage loans through their securitization on the secondary market, the company also provides capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.