GMAC Selling 60% Stake in GMACCH

General Motors Acceptance Corp., Detroit, is selling a 60% stake in its commercial mortgage subsidiary GMAC Commercial Holding Corp. to a group of private equity investors for an undisclosed amount.The investors are Kohlberg Kravis Roberts, the leveraged buyout firm, Five Mile Capital Partners, and Goldman Sachs Capital Partners. GMAC will continue to hold a 40% stake in GMACCH, GMAC said. After the expected fourth-quarter closing of the sale, members of the current GMACCH management team will invest in the company and will be on the board of directors of GMACCH, along with representatives of GMAC and the equity investors. GMAC said GMACCH will look to obtain a standalone credit rating so as to enhance its ability to access funds and will repay all intercompany loans to GMAC. "GMACCH is one of the largest providers of commercial mortgage loans and related products and services in the world, and we look forward to working with management to expand an already remarkable platform through enhanced access to the capital markets," the investors said in a news release.