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| GMAC Hipotecaria Partners with Mexican SARE GMAC Hipotecaria, a financial services company focused on the financing of real estate developers in Mexico, signed a $50 million strategic alliance agreement with SARE Holding SA, a Mexican real estate developer, for the acquisition of new land reserves. GMAC Hipotecaria is a Mexican subsidiary of GMAC-RFC, a wholly owned subsidiary of Residential Capital Corporation. The agreement will strengthen SARE's financial structure and support its future growth. The proceeds of the alliance will be invested in a pool of strategic land reserves made up of a diverse mix of geographical areas and target markets. SARE plans to purchase larger land reserves in the short-term to increase the average number of units per development. In addition to this strategic alliance, GMAC Hipotecaria extends construction lending to SARE to further support SARE's developments. write your comments about the article :: © 2005 Construction News :: home page |