GMACCM to Buy Highland

GMAC Commercial Mortgage Corp., Elkins Park, Pa., has agreed to acquire Highland Mortgage Co., a Department of Housing and Urban Development lender based in Birmingham, Ala.Highland also has offices in Richmond, Va., and Raleigh, N.C. In 2004, GMACCM, the largest HUD lender in the nation, originated close to $800 million in loans, and Highland originated nearly $500 million in HUD loans. Susan Hall and John "Chip" Moore Jr. in Birmingham, Jim Tanner in Raleigh and Peggy Knisley in Richmond manage Highland's production offices. All 15 origination and underwriting staff members will join GMACCM. GMACCM senior vice president and managing director Karl Reinlein said, "We are excited to have Highland join GMACCM and help us build our HUD operations in the Southeast. We are confident that their expertise and local market knowledge will enhance GMAC Commercial Mortgage’s HUD operations."