GMACCM to Prepay CMBS Backed by WTC

GMAC Commercial Mortgage, Horsham, Pa., has obtained the consent of commercial mortgage-backed securities investors for prepayment of CMBS securities backed by a $563 million mortgage on the World Trade Center.Once the loan is paid off, the mortgage secured by the twin World Trade Center towers, as well as WTC 4 and WTC 5, will be satisfied, the mortgage lender said. GMACCM is the servicer on the loan. "For more than two years since the destruction of the towers, we have devoted considerable time and energy to protecting the rights of the investors in this process," said GMACCM chairman David E. Creamer. One of the challenges has been keeping investors informed of the key developments, according to Mr. Creamer, who describes this as an "incredibly complex process." GMACCM is the lender on the $563 million mortgage that Larry Silverstein used to partly finance his acquisition of a leasehold interest in the World Trade Center commercial space. The loan was securitized into the CMBS market.