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GMAC Finances $57M Commercial Development Buy

MINNEAPOLIS-St. Louis-based Commercial Development pays Duke Realty Corp. $57 million for a portfolio of 23 industrial and two office buildings in suburban Twin Cities locations, one of the biggest industrial sales in the Twin Cities market in recent years.

By Jim McCartney | Updated on March 15, 2004

MINNEAPOLIS-GMAC Commercial Mortgage Corp. arranged $49 million in financing for St. Louis-based Commercial Development Co.’s acquisition of a portfolio of 25 properties from Duke Realty Corp. totaling 1.2-million sf. The purchase price of the portfolio, which consists of 23 industrial buildings and two office buildings, was $57 million.

The financing covered 85% of total acquisition costs. GMACCM was able to close the non-recourse, interim loan for the borrower in 30 days–a process that routinely takes at least 60 days.

Michael Duggan, GMAC’s vice president of its St. Louis loan origination office, worked with colleagues in GMAC¹s Minneapolis office to arrange the transaction for Commercial Development, a specialist in purchasing and repositioning value-added industrial and retail properties and portfolios.

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