SHELTON, CT— GMAC Commercial Mortgage Corp. (GMACCM) has provided $9 million in interim, floating-rate financing for the acquisition and renovation of a 160-room Ramada hotel here. Located at 780 Bridgeport Ave., the hotel consists of approximately 93,156 square feet of total building area on 3.24 acres. Amenities include 6,200 square feet of meeting space, a 70-seat restaurant, a 60-seat lounge, an indoor swimming pool, an exercise room, a sauna and a game room. GMACCM’s Hospitality Industry Division arranged the transaction for Shelton III Hotel Ownership LLC, with the loan earmarked to facilitate the borrower’s acquisition, renovation and ultimate conversion of the hotel to a Courtyard by Marriott-flagged property, with the makeover slated to be completed by January 2005.
