GMAC COMMERCIAL MORTGAGE CORPORAtion (GMACCM), Horsham, Pennsylvania, closed a $400 million interim, floatingrate loan for the acquisition of a portfolio of six Wal-Mart-anchored retail properties inPuerto Rico. The loan includes $35 million of future fundings for the construction of additional improvements. The portfolio was acquired by a joint venture between Caribbean Retail Asset Managementand Perry Real Estate Partners, the real estate division of New York-based hedge fund Perry Capital.
The 2.3-million-square-foot portfolio consists of a retail mall, a retail power center, three open-air retail centers and four freestanding outparcels. The properties will be managed by PMI Retail Property Management Inc., an entity related to Caribbean Retail Asset Management and the largest management and leasing company in Puerto Rico and the Caribbean. Copyright Mortgage Bankers Association of America Jul 2003
