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GMAC Commercial Deal Remains in Negotiations.(GMAC Commercial Credit)(Brief Article)
Washington -- The sale of GMAC Commercial was expected to close by the end of 2005 but New Year's came and went and the deal was still pending.
Industry officials familiar with the sale of the nation's largest commercial mortgage banker say the parties are still working on hammering out the final details.
"The paperwork on the deal is humongous," one investment banker told Mortgage Servicing News.
However, there is some speculation that investors Kohlberg Kravis Roberts, Five Mile Capital Partners and Goldman Sachs (acting as one) might be trying to take advantage of the dire financial straights of General Motors with an eye toward paying less.
A spokeswoman for GM said the sale of GMAC Commercial is moving forward but could not offer any specifics on when a sale might close.
The buyers are not commenting on the transaction. About a year ago, GM granted exclusive negotiating rights to the group in regard to them purchasing a majority stake ...
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Source: HighBeam Research, GMAC Commercial Deal Remains in Negotiations.(GMAC Commercial...