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GMAC Provides Nearly $30 Mil in Financing for Two Local Hotels

MILPITAS, CA-GMAC Commercial Mortgage Corp., a financial subsidiary of General Motors, has provided just shy of $30 million for the Marriott TownePlace Suites and the Courtyard by Marriott.

By Allison Landa | Updated on February 06, 2001

MILPITAS, CA-Two existing Silicon Valley-area hotels have received financing from the GMAC Commercial Mortgage Corp., a financial subsidary of General Motors. Company VP Jim Clark was in charge of both deals.

The firm said this week that it has worked a deal for a $16 million fixed-rate loan for the Courtyard by Marriott, a 155-unit Milpitas hotel constructed in 1999. The hotel, which sits on a 3.7-acre parcel on Falcon Drive, is a little more than 80,000 sf.

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