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GMAC Commercial Mortgage Arranges $10 Million Interim Financing for Delaware Valley Multifamily Property

HORSHAM, Pa. -- May 1, 2001 -- The 266-unit Laurel Manor Apartments located in Secane, Pennsylvania, has received $9,680,000 in fixed-rate permanent financing. GMAC Commercial Mortgage (GMACCM) arranged the funding.

Riddler Associates is the borrower with Altman Management Inc. acting as manager.

The multifamily complex is located at 1250 Providence Road in Secane, Upper Darby Township in Delaware County, Pennsylvania. Laurel Manor Apartments was constructed in the mid 1960's and was acquired in 1998. The property, which features, nine, two story buildings, has undergone a substantial renovation to both the exterior and interior within the past year.

This work included all new kitchens, appliances carpeting, doors, roofs and walkways.

The property received permanent financing through the Freddie Mac Program Plus program. Initially, GMACCM provided the acquistion/construction loan to acquire the building and fund the improvements. The GMACCM Philadelphia, Pa office arranged the transaction.


GMAC Commercial Mortgage is the leading U.S. financial solutions provider servicing commercial restate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages. The diverse lending and servicing specialist has more than 50 offices nationwide.

GMACCM has a servicing portfolio of over $96 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending

News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.

Contact:
GMAC Commercial Mortgage Corp.
Scott Rombach, 215/328-3383

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