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Sares-Regis, GMAC Converting Apartment Complex

WALNUT CREEK, CA-GMAC Commercial Mortgage Corp. is providing $65 million in financing for the conversion of a 340-unit apartment property here to condominiums. Sares-Regis owns the property in a joint venture with GMAC Institutional Advisors.

By Brian K. Miller | Updated on December 13, 2005

(To read more on the multifamily market, click here.)

WALNUT CREEK, CA-A joint venture of Sares-Regis Group and GMAC Institutional Investors is converting to condominiums a 340-unit property here that it acquired four years ago for $55 million. To assist in the transition, GMAC Commercial Mortgage Corp. recently provided $65 million in floating rate debt to refinance its own loan on the property, fund unit renovations and pay sales commissions.

The JV acquired the property from Ameriton Properties in October 2001 as Stoneridge Apartments, with GMACCM providing first mortgage financing. Shortly thereafter, it was changed to Stoneridge at Diablo Hills to better reflect its proximity to the golf course that surrounds it. Now it will be Stoneridge Condos. The street address is 245 Masters Court.

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