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Newman & Associates, Newman Capital and
Paramount Financial Group Coordinate to Close $35,000,000 Financing
for Civic Plaza, L.P. in Boise, Idaho.
www.gmaccm.com
10/31/2002 DENVER – Newman & Associates, a Division
of GMAC Commercial Holding Capital Markets Corp.; Newman Capital,
a Division of GMAC Commercial H0lding Capital Corp.; and Paramount
Financial Group, Inc. (Paramount) are pleased to announce the $35
million financing of Civic
Plaza in Boise, Idaho, for Civic Plaza, L.P. Civic Plaza is
a new construction project comprised of 299 affordable housing units,
two parking structures and a small retail component located in downtown
Boise. Civic Plaza, L.P. is comprised of Civic Partners of Newport
Beach, California, and Steadfast Properties of Newport Beach, California.
This very complex financing included the sale of tax-exempt bonds
issued by the Boise City Housing Authority and credit enhanced by
a KeyBank letter of credit, a loan from the University of Idaho
Foundation, a pledge of parking revenues by Capital City Development
Corporation and tax credit equity provided by Paramount.
The completion of this $35 million transaction was possible through
the combined forces of three GMAC Commercial Holding Corp. (GMACCH)
platforms. Newman & Associates provided investment banking for
the housing portion of the bonds, Newman Capital provided a forward
commitment for a $20 million permanent loan and Paramount provided
tax credit equity and a partial guaranty of the construction loan.
George K. Baum provided investment banking for the non-housing
bonds and KeyBank provided the construction loan.
“Civic Plaza is another example of how our underwriting
platform provides solutions for our clients. Our team was able to
deliver a comprehensive solution to achieve the borrower’s
goals under one umbrella which streamlined the process to a successful
close,” said John McAlister, director, Newman & Associates.
Civic Partners credited the successful closing to the professionalism,
dedication and creativity of the team.
Newman & Associates, Newman Capital and Paramount are subsidiaries
or operating divisions of Newman Financial Services, a Division
of GMAC Commercial Holding Capital Corp. Newman Financial Services
was founded in 1978 to specialize in real estate finance and is
one of the largest real estate investment banking firms in the country.
Headquartered in Denver, Newman Financial Services also has offices
in Manhattan Beach, Pasadena, San Diego and San Francisco, Calif.;
Atlanta; Chicago; Horsham, Pa.; Houston, Texas; New York City; New
Orleans; Richmond, Va.; Seattle; and Washington D.C. Paramount is
located in Granville, Ohio, and Denver. Newman Capital is headquartered
in Denver.
Newman Financial Services’ parent, GMAC Commercial Holding
Corp., is based in Horsham, Pa., and is a leading provider of financial
services to the global commercial real estate industry. It has a
consolidated servicing portfolio approaching $160 billion and, through
its subsidiaries worldwide, provides a variety of financing products
and services including permanent, interim and construction financing.
Press releases and other information about Newman Financial Services,
its family of companies, products and services are available at
www.newmanfs.com.
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