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Press Release: GMAC Commercial Mortgage Corporation
October 28, 2002
PHILADELPHIA, PA -- GMAC Commercial Mortgage Corporation (GMACCM) has provided $32,000,000 in floating-rate interim
financing for a Philadelphia, Pa., hotel.
The 269-room Residence Inn is located at One East Penn Square. The hotel has a total of 243,058 square-feet and
is situated on .25 acres. The property is an adaptive reuse of an existing historical 25-story office building
which was originally constructed in 1920 and known as the One East Penn Square Building.
Amenities include five meeting rooms, a breakfast area, indoor swimming pool, exercise room, guest laundry, parking
garage and 4,556 square-feet of rentable retail space.
The GMACCM Hospitality Industry Division of Washington, DC arranged the transaction. Granite Penn Square LLC received
the funding.
GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary of GMAC Commercial Holding Corp., is a
premier financial services firm with extensive funding sources that, coupled with a broad menu of innovative financing
programs, serve the needs of borrowers of commercial real estate debt as well as the providers of such capital.
GMACCM is an industry leader in loan origination, servicing, asset management, investment management and technology
services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide.
GMACCM has a servicing portfolio approaching $160 billion and provides a variety of financing products and services
including permanent, interim, mezzanine and construction lending as well as equity capital. GMACCM has specialized
lending units focused on healthcare, hospitality and franchise and equipment lending.
News releases and other information about GMACCM, its products and services are available at www.gmaccm.com
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Contact:
GMAC Commercial Mortgage Corporation
Colleen Plummer, 215/328-3383
Colleen_Plummer@gmaccm.com
or
Joyce Patterson, 215/328-3842
Joyce_Patterson@gmaccm.com
Source: GMAC Commercial Mortgage Corporation