GMAC Commercial Mortgage Arranges $32 Million in Acquisition Financing for Long Island, NY Office Building

Business Wire,  May 25, 2000  

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Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--May 25, 2000

GMAC Commercial Mortgage Corp. (GMACCM) has arranged $31,700,000 in acquisition and equity financing for a Long Island, New York office building.

The property, called 201 Old Country Road, is located at 201 Old Country Road in Melville, Suffolk County, and Long Island, New York Island. It received a $31,700,000 acquisition loan.

201OCR.COM L.L.C., a venture of the Parr Organization and Pitcairn Properties, Inc., is the borrower. The acquisition and equity funding was used to convert the three-story property into a modern multi-tenant office building offering 260,000 square feet of rental space. Keyspan Energy Management Inc. and Island Mortgage Network are lead tenants. Situated on 15 acres, the building is the former headquarters of Long Island Savings Bank.

GMACCM Senior Vice President and Regional Manager Edward D. Riedlinger of GMACCM's Horsham, PA office arranged the transaction.

GMAC Commercial Mortgage, based in Horsham, PA is a wholly owned subsidiary of GMAC. It is the nation's leading one-stop financial resource in the commercial banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $80 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 a Small Loan division.

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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