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GMAC doles out the funds for Southwestern hotels

HORSHAM, Pa. — GMAC Commercial Mortgage Corp. has provided $16 million in financing for one Arizona and two Texas hotels. For the three-story, 102-unit Residence Inn by Marriott in Brownsville, Texas, the company provided $6.3 million in adjustable-rate financing. BMRI Hotel Property Ltd. was the borrower. The extended-stay hotel contains 72,000 sq. ft.

GMAC also provided $6.9 million in interim adjustable-rate financing for a 100-unit Residence Inn by Marriott in Irving, Texas, a facility located near the Dallas/Fort Worth Airport. DFW Freeport RI Hotel Property Ltd. was the borrower. The hotel features 72,466 sq. ft.

Finally, GMAC arranged $2.8 million in interim financing for a 76-unit Holiday Inn Express in Prescott, Ariz. K Partners Ten LLC was the borrower. The 43,000 sq. ft. hotel was built in 1997.

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