GMAC Commercial Provides Financing

GMAC Commercial Mortgage Corp. has provided a total of $75 million in permanent, fixed-rate financing for two different projects. The company has allotted $50 million for a Houston office building and $25 million for phase one of Columbus Commons, a newly built Philadelphia retail property. The Houston property is one of the four major office buildings on the site, which also includes the Omni Hotel. The 481,222-square-foot office building is situated on 28 acres adjacent to the Buffalo Bayou. In Philadelphia, the commercial retail property is located at Columbus Boulevard and is anchored by a 315,000-square-foot IKEA and a 161,000-square-foot Lowe's. Major tenants include a 30,000-square-foot Best Buy, a 35,000 square-foot Linens 'n Things, a 12,800-square-foot R&S Strauss and a 10,700-square-foot Pier 1 Imports. Both transactions were arranged through GMAC's Proprietary Lending Group.