GMAC Commercial Mortgage Corp. recently christened a new asset class when it became the first to securitize its CMBS servicing advance fees.

The $119 million offering is comprised of $112 million in class A notes rated Aaa' by Moody's Investors Service and $7 million in unrated class B notes. Newman Associates, a division of GMACCM parent GMAC Commercial Holding Capital Markets, is the underwriter.

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