GMAC Commercial enters European Market
The Reebok Sports Club London opened its doors at the end of last year and marked its official grand opening with an event on February 13, 2003.
ABL, in conjunction with the GMACCM Chicago retail office and GMAC Commercial Mortgage Bank, plc., headquartered in Dublin, worked with the borrower, Sportsplex (Canary Wharf) Limited, to structure and close the transaction.
The Canary Wharf location is the first Reebok Sports Club in London, and the fifth world-wide. The facility, with views of the Millennium Dome, occupies more than 100,000 square feet in Canada Square and boasts more than 185 pieces of cardiovascular equipment and 115 pieces of strength-training equipment.
Senior Vice President Managing Director Jon S. Wright and Assistant Vice President Jim Petty of ABL and the management team in Dublin arranged the transaction. Peter Smolenski of the Chicago retail office commented, “The Reebok Sports Club London is another outstanding creation from Lakeshore Athletic Clubs of Chicago with Reebok, Inc. We are pleased to have provided equipment financing for this unique and exciting venture.”
The Atlanta-based ABL Division of GMACCM provides franchise mortgage financing for globally, nationally or regionally franchised branded restaurants and gas stations/convenience stores as well as commercial equipment financing for the hospitality, leisure, healthcare and other industries served by GMACCM. The Atlanta office servicing operation currently manages $4 billion of those assets for GMACCM. ABL has recently expanded and incorporated staff into the GMACCM offices in London and Dublin.
GMACCM and GMAC Commercial Mortgage Bank, plc. are wholly-owned subsidiaries of GMAC Commercial Holding Corp. With offices throughout the U.S., along with operations in Canada, Asia and Europe, GMAC Commercial Holding Corp. is one of the largest originators and servicers of commercial real estate in the industry. GMACCM is a premier financial services firm with extensive funding sources that, coupled with a broad menu of innovative financing programs, serve the needs of borrowers of commercial real estate debt as well as the providers of such capital. GMACCM is an industry leader in loan origination, servicing, asset management, investment management and technology services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $160 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital. GMACCM has specialized lending units focused on healthcare, hospitality and franchise and equipment lending. GMAC Commercial Mortgage Bank, plc. is licensed by the Central Bank of Ireland.