GMAC Commercial Mortgage Provides a $68.175 Million Financing Package for a Minneapolis Shopping Mall

GMAC Commercial Mortgage Provides a $68.175 Million Financing Package for a Minneapolis Shopping Mall MINNEAPOLIS--(BUSINESS WIRE)--Sept. 19, 2005--GMAC Mortgage Corporation (GMACCM) has provided $68.175 million in financing for the Brookdale Center Mall in Brooklyn Center, Minn. This financing was assisted in part through the use of $43.5 million of New Markets Tax Credit (NMTC) allocation arranged by GMAC Commercial Holding Capital Corp. The use of NMTCs allowed GMACCM to provide this loan under terms that would not have otherwise been considered. The financing provides 92 percent loan-to-cost and consists of a first mortgage, mezzanine and junior mezzanine tranches. GMACCM Vice President Scott Crimmins in the New York loan origination office financed the transaction through GMACCM's Proprietary Lending Group. The financing will be used for the renovation and repositioning of the mall. The property, located at 1108 Brookdale Center in Minneapolis, was built between 1962 and 1966 and was the first-ever, four-anchor mall built in the U.S. This regional shopping mall is anchored by Marshall Fields and Sears; a Steve & Barry's is currently being built in the space that was once occupied by JC Penny. According to Crimmins, "There were numerous outside requirements in this transaction that created a need for high leverage, flexible financing terms and an extremely quick closing, which we were able to deliver in conjunction with GMACCH's NMTC program. Our competitive and flexible financing will allow the borrower to reposition the mall and deliver a final product that will have a strong community impact. "We have successfully completed several similar transactions with this sponsor in the past, and we have proven to this borrower our ability to deliver what we promised when we promised it." 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 of more than $263 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. GMACCM has specialized lending units focused on healthcare, hospitality and construction lending. GMAC Commercial Holding Capital Markets Corp., a NASD broker/dealer, began operations in 1979 to concentrate on all aspects of real estate finance, and in 1983 GMAC Commercial Holding Capital Corp. was formed to complement GMAC Commercial Holding Capital Markets Corp.'s operations. The companies are based in Denver and have offices in Seattle; San Diego, San Francisco, Thousand Oaks, Santa Monica, Manhattan Beach and Pasadena, Calif.; Houston; New Orleans; Chicago; New York; Washington, D.C.; Horsham, Pa.; Nashville, Tenn; and Boca Raton, Fla. News releases and other information about GMACCM, its products and services are available at www.gmaccm.com.

Contacts GMAC Mortgage Corporation (GMACCM) Joyce Patterson, 215-328-3842 Joyce_Patterson@gmaccm.com or Courtney Robinson, 215-328-3381 Courtney_Robinson@gmaccm.com