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GlobeSt.com UPDATE: First Stage of Lend Lease Debt Business Sale Closes

HORSHAM, PA-With an initial payment of $86.5 million, locally based GMAC Commercial Mortgage Corp. closes stage one of its $106-million purchase of the Australian firm's U.S. debt businesses. It also paid Lend Lease $49.2 million for outstanding debt servicing advances.

By Marita Thomas | Updated on July 16, 2003

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.

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