GMAC Closes on $36M Refinancing Deal

WASHINGTON, DC-Operating out of its Washington, DC loan origination office, GMAC Commercial Mortgage Corp. has closed the books on a $35.9 million refinancing package for a 179-property portfolio of group housing facilities for the disabled. The group homes–which were designed to blend in aesthetically with single-family home neighborhoods–account for a total of 1,019 units in five- to six-bedroom homes and eight- to 10-unit apartment buildings across 87 counties in North Carolina.

The permanent loan was made to borrower the Arc of North Carolina at a fixed-interest rate of 5.43%, a figure that is nearly half of the average 8.75% the umbrella organization had been saddled with under its original individual US Treasury loans for each property.