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GMACCM Buys CapMark.
GMAC Commercial Mortgage here - which is on the auction block - has agreed to purchase one of its top competitors, CapMark Services, Atlanta.
GMACCM is paying $106 million in a deal that includes not just CapMark, but affiliates involved in debt, asset and investment advisory services.
Even though GMACCM is being peddled to potential investors by its parent General Motors, the company has said publicly that it may not sell the commercial mortgage banker if it doesn't get its price.
Recently, sources told Mortgage Servicing News that GM's investment banker, Morgan Stanley & Co., picked about three finalists from a field of 12 to continue negotiating in regard to GMACCM.
One source familiar with the deal said it is unclear whether GMACCM will be sold as one unit or broken into pieces and sold to different investors.
A spokesman for GM declined to comment on the progress of GMACCM's sale.
For now, GMACCM is taking a business-as-usual approach, which means it will continue to fund commercial real estate projects and inquire about buying out competitors.
- S&P: Lend Lease, GMACCM Com Svcr Ranks Still On Watch.
- Press release article from: Business Wire July 25, 2003 700+ words
...Mortgage Corp. (GMACCM). On July 14, 2003, Lend Lease completed this...operations to GMACCM. Also, as conditions...stipulated, Lend Lease retained ownership...from CapMark and Lend Lease Asset Management...Thus far, GMACCM seems to be making...
- S&P Puts Lend Lease, CapMark,GMACCM Com Rnks on Watch.
- Press release article from: Business Wire May 7, 2003 700+ words
...special servicer ranking for GMACCM on CreditWatch with negative...recent announcement that Lend Lease Corp. Ltd. (Lend Lease) has entered into an agreement...corresponding servicing operations to GMACCM. The affected Lend Lease business operations include...
- Fitch Comments On GMACCM Acquisition of Lend Lease Units.
- Press release article from: Business Wire May 8, 2003 700+ words
...2003 Fitch Ratings expects to affirm GMACCM servicer ratings of 'CMS2+' (master...special) once the acquisition of the Lend Lease Corp. servicing divisions is complete...parties involved. It is also expected that Lend Lease Corp servicer ratings will be withdrawn...
- Up for Sale, GMACCM Buys Another Company.
- Magazine article from: Origination News Thangavelu, Poonkulali June 1, 2003 700+ words
...off guard because GMACCM itself is for sale...CapMark's parent, Lend Lease, had given up on...out competitors. Lend Lease is based in Australia...Quarterly Data Report, GMACCM is the largest commercial...Moore said that GMACCM will benefit from...relationships. Lend ...
- GMACCM Up For Sale ... But the Timing Is Tough.(GMAC Commercial Mortgage)
- Magazine article from: Origination News Muolo, Paul April 1, 2003 700+ words
...the market right now. Lend Lease Corp., and its servicing...peddled, and ironically, GMACCM, previously, has been...potential bidder. (Lend Lease-CapMark declined to...this story.) Still, GMACCM has a few things going...
- Fitch Ratings Affirms GMACCM's 'CSS1' Special Servicer Rating.
- Press release article from: Business Wire June 18, 2003 700+ words
...GMACCM announced its intention to acquire the special servicing operations of Lend Lease Corp. (Lend Lease). GMACCM intends to fully incorporate the Lend Lease operations into one special servicing unit. Plans call for GMACCM to maintain...
- NEWS ANALYSIS: GMACCM For Sale, But Will it Close?
- Magazine article from: Mortgage Servicing News Muolo, Paul April 1, 2003 700+ words
...thing is for certain: Lend Lease Corp., Atlanta, so...don't help either. (GMACCM held the mortgage on...additional money required for GMACCM to realize its growth...of the fourth quarter GMACCM had $160.8 billion...CapMark's parent, Lend Lease, is based in Australia...
- Three Final Bidders For GMACCM?
- Magazine article from: National Mortgage News Muolo, Paul May 5, 2003 700+ words
...t mean it will pay up." GMACCM ranks first in both commercial...Morgan Stanley & Co. GMACCM, though, is not the only...days. For about a year now, Lend Lease Corp., Atlanta, has failed...commercial mortgage receivables. GMACCM has $160 billion in commercial...
Source: HighBeam Research, GMACCM Buys CapMark.