GMAC Commercial Mortgage's Hospitality Industry Division Arranges $36 Million Financing of Eight-Property Hotel Portfolio

Press Release
January 11, 2001
HORSHAM, PA -- GMAC Commercial Mortgage Corp. (GMACCM) has arranged $36,000,000 in fixed-rate financing for an eight-property Equity Inns hotel portfolio.

EQI Financing Partnership V, L.P., the borrower, received fixed-rate financing at an 8.25% interest rate with a 25-year amortization to finance the portfolio consisting of eight limited service and extended stay hotel properties located in eight states. The $36 million loan is cross-collateralized and cross-defaulted by first trust liens on the eight hotels.

Properties in the portfolio and their individual loans include:

• AmeriSuites Birmingham in Hoover, Alabama for $3,347,000
• AmeriSuites in Albuquerque, New Mexico for $6,080,000
• AmeriSuites Baltimore in Lithicum Heights, Maryland for $6,496,000
• AmeriSuites in Tampa, Florida for $7,690,000
• AmeriSuites in Flagstaff, Arizona for $1,400,000
• AmeriSuites Cincinnati North in Forest Park, Ohio for $2,530,000
• Homewood Suites Memphis in Germantown, Tennessee for $3,057,000
• Residence Inn in Somers Point, New Jersey for $5,400,000

GMACCM's Hospitality Industry Division in Washington, DC arranged the transaction.

GMAC Commercial is the leading U.S. financial solutions provider servicing commercial restate 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. With a servicing portfolio of more than $87 billion.

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.
     Scott Rombach, 215/328-3383

SOUCE: GMAC Commercial Mortgage Corp.