BETHESDA, MD -- CoStar Group (Nasdaq: CSGP) announced today that it has signed an multi-year agreement with GMAC Commercial Mortgage (GMACCM) to provide the commercial lender with CoStar Group's verified, independent information on commercial real estate.
Under terms of the agreement, CoStar Group will provide GMACCM nationwide access to CoStar Property™, a database with detailed information on more than 14 billion square feet of available commercial real estate throughout the U.S.
The independent research -- assembled and verified by CoStar Group's 700+ researchers and photographers -- will provide GMACCM a valuable tool in support of their commercial lending, loan servicing and appraisal businesses -- among the largest in the United States.
Through CoStar Property™, GMACCM will be able to tap into easily accessible information on commercial properties in 41 key markets -- helping them verify market conditions, underwrite loans and appraise property more efficiently while responding to customers more quickly.
Moreover, the recent acquisition of Comps, Inc. enables CoStar Group to track buildings through their entire lifecycle -- from the time they're built through each lease, re-lease and sale -- and provide GMACCM and other clients a true end-to-end information view on each property.
"As a national leader, we need a single information partner who can provide us broad, deep content on commercial properties across multiple geographies," said John Mateo, Manager of the Innovative Products Group at GMACCM. "The fact that CoStar Property™ covers 41 key markets for us, combined with the highest quality data, encouraged us to select a single provider rather than piece together a patchwork solution involving multiple vendors."
"CoStar is about the power of knowledge -- the power to take everyone in the commercial real estate business to an entirely new level of success," said Andy Florance, CoStar Group CEO. "Our agreement with GMACCM validates our core belief that thorough, accurate and easily accessible information can help lenders, appraisers and brokers alike do what they do best -- service clients and close deals."
Headquartered in Bethesda, MD, CoStar Group, Inc. (Nasdaq: CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access via the Internet to the most comprehensive, verified database of commercial real estate information in over 50 U.S. markets. The company has more than 1,000 employees nationally, including over 700 highly trained commercial real estate research professionals in 23 offices. For more information, please visit http://www.costargroup.com.
GMAC Commercial Mortgage, based in Horsham, PA, is a wholly-owned subsidiary of GMAC. It is the nation's leading one-stop financial resource in the commercial mortgage banking industry. The diverse lending and servicing specialist has more than 50 offices nationwide. GMACCM has a servicing portfolio of over $78 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending unit focused on healthcare and hospitality as we as a Small Loan division.