GMAC Commercial Mortgage Acquires Carey Kramer - North Florida

Business Wire,  August 23, 2001  

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Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Aug. 23, 2001

GMAC Commercial Mortgage (GMACCM) announced today it has acquired the assets of Tampa-based Carey Kramer Company - North Florida - one of the state's largest, full-service commercial real estate financial services firms.

Terms of the acquisition were not disclosed.

The transaction combines GMAC Commercial Mortgage's strong presence in northeastern and southern Florida with Carey-Kramer's prominence in the western and central part of the state. The transaction positions GMAC Commercial Mortgage as one of the leading commercial real estate mortgage providers in Florida. GMAC Commercial Mortgage Senior Vice President and Regional Manager Al Moczul will assume responsibility for all of the recently combined operations.

"The acquisition reflects GMACCM's determination and capacity to offer commercial real estate developers and investors the widest array of financial services solutions. Carey-Kramer's existing clients will be able to access an entirely new range of high-value products and services," said Moczul.

"Carey-Kramer is a strong business extension for GMACCM. Carey-Kramer principals John Kramer, T.J. Ownby, H. McCord Fraser and Marc T. Summer bring a wealth of knowledge and experience to our Florida operations. They also bring to GMACCM solid correspondent relationships with a number of life insurance companies, including American General, Lincoln National Life and Teachers Insurance and Annuity Association," said Moczul. "Furthermore, their offices in Tampa and Orlando provide strong synergies with GMACCM's existing offices in Jacksonville, Fort Lauderdale, Miami, Orlando and Tampa. All in all, this is a very strategic alliance -- one that will provide expanded capital resources, solid growth and enhanced service to our combined customers throughout Florida. In Tampa, the Carey-Kramer team will be joining forces with GMACCM Vice President Russ Callahan."

Employee-owned Carey Kramer, founded in 1986, employs eleven people at its two offices. It originates about $300 million in new loans per year and, at present, has a servicing portfolio of $600 million. GMACCM, in 2000, originated $15 billion in commercial mortgage loans.

"We are excited and pleased with the opportunity to become part of the GMAC Commercial Mortgage family. We believe this transaction greatly serves the best interests of our customer and employees," said John Kramer, a Principal of Carey-Kramer.

GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp., is the leading U.S. financial solutions provider servicing commercial real estate 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. The diverse lending and servicing specialist has more than 60 offices nationwide. GMACCM has a servicing portfolio exceeding $110 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 e-commerce offerings through Internet commercial mortgage lending.

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