Press Release: GMAC Commercial Mortgage Corp.
June 11, 2002
HORSHAM, PA -- GMAC Commercial Mortgage Corporation (GMACCM) has provided $65,000,000 in floating-rate interim
financing for an Orlando, Fla., hotel.
The Sheraton World Resort has a total of 619,277 square-feet and is situated on 28.6 acres of land. The property
was developed in phases starting in 1980 and features 19, two and three-story guestroom buildings with 797 guestrooms,
and a 16-story, 305-room tower plus additional facilities and amenities in keeping with its full service nature.
The property was renovated in 1999/2000 and is well maintained and in good condition. The renovation included the
addition of the 305-room tower and 7,949 square-feet of meeting space in addition to replacement as needed of furniture,
fixtures and equipment in the existing improvements.
The Sheraton World Resort is located near SeaWorld on International Drive, less than one mile from the existing
Orlando Convention Center and the site of the proposed Convention Center expansion.
The hotel features four food and beverage outlets, room service, valet service, guest laundry facilities, a full
service business center, a gift shop and a guest services desk offering information about area attractions.
Recreational amenities include a fitness center, three heated swimming pools, two kiddy pools, a game room, a nine-hole
miniature golf course and an outdoor hydropool, as well as a children's playground.
GMACCM Senior Vice President Bob Keating of the Red Bank, New Jersey retail loan origination office and the GMACCM
Hospitality Production Division of Washington, DC arranged the transaction.
GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp., is the leading U.S. financial
solutions provider serving commercial real estate borrowers and investors seeking relationship-based advice and
consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization
of commercial mortgages.
The diverse lending and servicing specialist and its affiliates have more than 85 offices worldwide.
GMACCM has a servicing portfolio exceeding $150 billion and provides a variety of financing products and services
including permanent, interim, and construction lending, with specialized lending units focused on healthcare and
hospitality as well as e-commerce offerings through Internet commercial mortgage lending.
News releases and other information about GMAC Commercial Mortgage and its products and services are available
at http://www.gmaccm.com on the Internet.
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Contact:
GMAC Commercial Mortgage Corp.
Colleen Plummer, 215/328-3383