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COLLEGE PARK, MD-To pay off debt, Seven Springs Investments secured financing to the tune of $98 million on Seven Springs, a 27-stucture apartment compound with 983 residential units. The borrower used the loan to pay off a Fannie Mae first and second note on the property.

GMAC Commercial Mortgage Corp. vice president Marvin Hill orchestrated the funding package, having supplied borrower Seven Springs with a permanent fixed-rate loan through GMACCM Proprietary Lending Group. "We offered the highest amount of leverage on the property at a competitive spread," Hill says. "Refinancing made great economic sense for the borrower as it allowed them to capture all of its investment in major capital improvements done on the property."