General Motors Acceptance Corp.'s announcement that it is selling a 60% stake in its commercial mortgage unit has already shaken loose some members of that unit's management.
Joyce Patterson, a spokeswoman for the mortgage unit GMAC Commercial Holding Corp., said last week that chairman David Creamer and vice chairman Charles Dunleavy Jr. would retire after the sale is completed in the fourth quarter.
GMAC is selling the stake to Kohlberg Kravis Roberts & Co., Goldman Sachs Capital Partners, and Five Mile Capital Partners LLC.
Commercial Property News reported Aug. 4 on its Web site that Mr. Creamer and Mr. Dunleavy would retire.
Also last week GMAC Commercial Mortgage Corp., a wholly owned subsidiary of GMAC Commercial Holding, said it hired two vice presidents for its New York loan origination office.
Stewart C. Campbell and John M. DiCrocco joined GMAC Commercial Mortgage from Reilly Mortgage Group Inc., a national multifamily lender. They will report to Robert Keating, a senior vice president and the East Coast regional manager.
