GMAC Commercial Mortgage Corporation 's Asset-Backed Lending group has entered the European market, providing fixed rate equipment financing for the Reebok Sports Club in London's Canary Wharf .
The club opened at the end of 2002. ABL, in conjunction with the GMACCM Chicago retail office and Dublin-based GMAC Commercial Mortgage Bank worked with the borrower, Sportsplex, 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 occupies more than 100,000 square feet in Canada Square.
The Atlanta-based ABL Division of GMACCM provides franchise mortgage financing for globally, nationally or regionally franchised branded restaurants and gas stations/convenience store. The Atlanta office servicing operation currently manages $4bn 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 are wholly-owned subsidiaries of GMAC Commercial Holding Corp.