GMAC Commercial Mortgage, Bank One Form Strategic Commercial Alliance
GMAC Commercial Mortgage, Bank One Form Strategic Commercial Alliance
September 28, 1999
CHICAGO and HORSHAM, Pa., Sept. 28, 1999 — GMAC Commercial Mortgage Corp. (GMACCM) and BANK ONE CORPORATION today announced a strategic alliance in which GMACCM will provide commercial mortgage banking global resources and product capabilities through Bank One offices in 13 cities.
Under the 5-year agreement that begins Jan. 1, 2000, GMACCM will initially place a GMACCM representative in designated Bank One locations in Detroit and Grand Rapids, Mich.; Indianapolis; Chicago; Dallas, Houston, and Austin, Texas; Columbus, Ohio; Denver; Phoenix; Portland, Ore.; and Sacramento and Newport Beach, Calif. GMACCM will also begin the servicing of Bank One Real Estate Services, Inc.'s $250 million commercial real estate loan portfolio.
Terms of the agreement were not announced.
"This strategic alliance provides significant benefits to the customers of Bank One and, at the same time, brings expanded opportunities to the customers of GMACCM," said Charles R. Dunleavy, Jr., President. "By having representatives in Bank One offices, we will be able to enter the commercial mortgage origination process much earlier, and ensure Bank One customers of optimal service."
John E. Neal, Head of Commercial Real Estate at Bank One said: "This strategic alliance gives our customers access to GMACCM's vast resources and products and an expanded footprint in key market areas."
Chicago-based BANK ONE CORPORATION (NYSE: ONE) is the nation’s fifth largest bank holding company, with a network of offices across the U.S. and a presence in 10 foreign countries. It can be found on the Internet at www.bankone.com.
GMAC Commercial Mortgage, based in Horsham, Pa., is a wholly owned subsidiary of GMAC. It is the nation’s leading one-stop financial resource in the commercial mortgage banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $72 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as a Small Loan division.
News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.
Under the 5-year agreement that begins Jan. 1, 2000, GMACCM will initially place a GMACCM representative in designated Bank One locations in Detroit and Grand Rapids, Mich.; Indianapolis; Chicago; Dallas, Houston, and Austin, Texas; Columbus, Ohio; Denver; Phoenix; Portland, Ore.; and Sacramento and Newport Beach, Calif. GMACCM will also begin the servicing of Bank One Real Estate Services, Inc.'s $250 million commercial real estate loan portfolio.
Terms of the agreement were not announced.
"This strategic alliance provides significant benefits to the customers of Bank One and, at the same time, brings expanded opportunities to the customers of GMACCM," said Charles R. Dunleavy, Jr., President. "By having representatives in Bank One offices, we will be able to enter the commercial mortgage origination process much earlier, and ensure Bank One customers of optimal service."
John E. Neal, Head of Commercial Real Estate at Bank One said: "This strategic alliance gives our customers access to GMACCM's vast resources and products and an expanded footprint in key market areas."
Chicago-based BANK ONE CORPORATION (NYSE: ONE) is the nation’s fifth largest bank holding company, with a network of offices across the U.S. and a presence in 10 foreign countries. It can be found on the Internet at www.bankone.com.
GMAC Commercial Mortgage, based in Horsham, Pa., is a wholly owned subsidiary of GMAC. It is the nation’s leading one-stop financial resource in the commercial mortgage banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $72 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as a Small Loan division.
News releases and other information about GMAC Commercial Mortgage and its products and services are available at http://www.gmaccm.com on the Internet.