GMACCM Cites $650MM Golf Course Funding

GMAC Commercial Mortgage, the nation's largest commercial lender, has announced a $650 million financing for the acquisition of 253 golf courses in the United States, the United Kingdom, and Japan.The company, a subsidiary of Horsham, Pa.-based GMAC Commercial Holding Corp., provided the financing to an investor group made up of GS Capital Partners 2000, Goldman Sachs Whitehall Street Real Estate Fund 2001, and Starwood Capital Group for the acquisition of National Golf Properties and American Golf Corp. The transaction, arranged through GMACCM's Commercial Capital Initiatives conduit, involves 228 golf courses in 29 U.S. states, 24 golf courses in the United Kingdom, and one in Japan, GMACCM said. "There is growing demand in this product line, and we see a great future in financing golf courses," said Robert M. Keating, the GMACCM senior vice president who arranged the deal.