HORSHAM, PA-GMAC Commercial Mortgage Corp. provided approximately $141 million in refinancing to Palm Beach Gardens, FL-based Rendina Cos. for a portfolio of 17 medical office buildings. The mortgage company provided financing for acquisition of the portfolio three years ago and was able to move a substantial portion of the loan to long-term, fixed-rate financing.

The move “was very attractive to the borrower, given the current interest rate environment,” says Robert M. Keating, SVP and managing director of the Red Bank, NJ loan origination office of lender GMACCM. Keating arranged the transaction. While declining to reveal the rate or terms, he adds, “we were most impressed with the successful track record of the real estate projects developed by Rendina … (and) are pleased to be part of such a dynamic refinancing project.”

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