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COLORADO SPRINGS-GMAC Commercial Mortgage Corp. recently provided $27 million in fixed-rate, permanent financing for a Colorado Springs apartment community. GMAC provided financing for Pinnacle Apartments, a 300-unit luxury apartment community situated on 17.73 acres of land. The complex, located at 6416 Honey Grove, was completed in 2004 and is north of Downtown Colorado Springs near Austin Bluffs Parkway.
GMAC senior vice president Kevin McCormack and vice president Mark Williams, both of the Denver loan origination office, arranged the transaction through Aegon USA Realty Advisors. AB Apartments LLC received the funding.
"We were able to structure a loan that allowed the borrower to refinance his existing construction loan at 65% occupancy," according to McCormack. "In addition, we allowed him to fund out additional dollars at stabilization in recognition of the value created through his leasing efforts."
GMAC Commercial Mortgage Corp., a wholly owned subsidiary of GMAC Commercial Holding Corp., is a financial services firm that provides debt and capital for commercial real estate. GMAC has a servicing portfolio of more than $263 billion and has specialized lending units focused on healthcare, hospitality and construction lending.
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