Financing From GMAC Provided for RI Property

Diamond Hill Plaza, a retail property in RI, received more than $23 million in acquisition financing from mortgage giant GMAC. The Woonsocket company received the money in a floating rate, interim form.

The property is situated on 45 acres and totals in at more than 386,000 square feet. Main companies leasing space from Diamond Hill Plaza are Burlington Coat Factory, Staples, Price Rite Supermarket and a stand alone Lowes. The loan was originated by GMAC Vice President David Fishler out of the New York office. Woonsocket Associates, LLC received the funding, while the borrower was represented by Epstein Canarick, a New York based mortgage brokerage firm. A very competitive rate was offered, which provided the borrower with flexibility in the struggle to plan for the property. A complete lease up of the property followed the initial term.

GMAC is an extensive funding source that serves the needs of borrowers by offering a broad menu of innovative financing programs, and services commercial real estate debt as well as being a provider for such capital. With more than 100 offices worldwide, GMAC has a servicing portfolio of more than $276 billion and provides a variety of lending products and services. GMAC also has specialized lending units focused on healthcare, hospitality and construction, as well as residential and commercial lending.