Global Edition

Fund with $650m buys 253 golf courses

7.10am 18th March 2003 - Property

GMAC Commercial Mortgage Corporation (GMACCM) has provided $650,000,000 in floating-rate acquisition financing for 253 golf courses located in the United States, the United Kingdom and Japan.

GMACCM provided the financing to an investor group comprised of GS Capital Partners 2000, Goldman Sachs Whitehall Street Real Estate Fund 2001 and Starwood Capital Group for the acquisition of National Golf Properties, Inc. and American Golf Corporation.

The transaction involves 228 golf courses located throughout 29 states in the United States, 24 golf courses in the United Kingdom and one in Japan.

GMACCM senior vice president Robert M. Keating of the Red Bank, N.J. retail production office arranged the transaction through GMACCM’s conduit, Commercial Capital Initiatives, Inc. (CII).

Keating commented, “We are very pleased to have entered into this new line of business with such a significant transaction. There is a growing demand in this product line, and we see a great future in financing golf courses.”

Barry Gerston of CII commented, “Golf course lending is a strong addition to our hospitality offerings, and it was great to work with this group of investors on such an extensive transaction.”

GMAC Commercial Mortgage Corporation, 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, serves 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 of more than $161 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, golf course, franchise and equipment lending.

GMACCM www.gmaccm.com

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