GMAC Files Insurance Claims On WTC Mortgage

CHICAGO-GMAC Commercial Mortgage has confirmed what real estate professionals learned Thursday – that its share of the $563-million loan it made on the World Trade Center is covered by insurance. GMAC Commercial Mortgage actually retained an $80-million mortgage secured by a leasehold interest in the Twin Towers as well as Four and Five World Trade Center, having sold off the other $483 million to investors.

When the twin 100-story towers and two nine-story office buildings were net-leased in July for $3.2 billion to a joint venture consisting of Silverstein Properties and Westfield America, GMAC provided the $563-million first mortgage. Officials of the Horsham, PA-based company also committed to a $200-million mezzanine loan for future capital improvements, which never commenced.