Search
 

GMH and the Army Get $79M in Financing

NEWTOWN SQUARE, PA-The funding includes $30 million from Capmark and will be used to develop 347 military housing units in Carlisle and Dover, NJ.

By Marita Thomas | Updated on July 25, 2006

(To read more on the multifamily market and the debt and equity markets, click here.)

NEWTOWN SQUARE, PA-A joint venture between the military housing division of GMH Communities Trust and the US Department of the Army has secured $79 million to finance the development of 347 military housing units at two Army installations. They are at Carlisle Barracks in Carlisle and the Picatinny Arsenal in Dover, NJ.

The financing represents the full estimated cost of both projects, according to a GMH spokeswoman. She tells GlobeSt.com that $30 million of the total comes from Horsham-based Capmark Financial Group, the former GMAC Commercial Mortgage Corp. The remainder, she says, comes from the JV in the form of excess cash flow from the projects themselves. The total covers demolition and renovation of existing housing at both locations as well as new construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.