TEXT-Fitch downgrades 2 classes of GMAC 2001-C1

Fri Feb 22, 2013 3:31pm EST

Feb 22 - Fitch Ratings downgrades two classes of GMAC Commercial Mortgage
Securities, Inc. mortgage pass-through certificates, series 2001-C1. In
addition, Fitch affirms two classes and removes three from Rating Watch
Negative. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The downgrades are due to higher expected losses from the specially serviced
loans; three of the four remaining loans are in special servicing.

The affirmation of class E is due to sufficient credit enhancement in light of
the concentrated nature of the pool. Full payoff and recovery of interest
shortfalls is likely due to the future amortization of the remaining performing
loan as well as anticipated proceeds from the ultimate disposition of the
specially serviced assets.

As of the February 2013 distribution date, the pool's certificate balance has
paid down 95.5% to $47.7 million from $864.1 million at issuance. Realized
losses to date are 7.3% of the original pool balance. As of the February 2013
remittance, interest shortfalls are affecting class E through P and total $5.7
million.

Bridgewater Place (73.1% of the pool), is an REO office property located in
Grand Rapids, MI. The 315,202 square foot (sf) 17 story office property was
built in 1993 within the central business district (CBD). The servicer reported
occupancy was 57% as of February 2013. Varnum, the largest tenant, occupying
98,889 sf of net rental area recently extended their lease for another ten year
term.

Bel Air Park II (11.4%) is a REO office property located in suburban Mobile, AL.
The building's occupancy recently dropped to 65% due to the exit of Virginia
College at their lease expiration. The building management continues in efforts
to lease the vacant space.

The third largest loan, Insight Air Center #7 (8.1%), is 78,829 sf vacant
industrial building located in Las Vegas, NV. The loan transferred to the
special servicer in September 2010 due to maturity default. The special servicer
continues to monitor the loan and evaluate workout options.

The fourth largest loan, Live Oak Village Shopping Center (7.4%), is 106,283 sf
retail center located in Pensacola Beach, FL. The center is anchored by Office
Depot and Dollar General. The year end 2012 occupancy provided by the servicer
was 85%.

Fitch has downgraded and removed the Rating Watch Negative from the following
classes:

--$13 million class F to 'BBsf' from 'BBB-sf'; Outlook Negative
--$13 million class G to 'Csf' from 'CCCsf'; RE25 from RE100.

Additionally, Fitch has affirmed the following classes:

--$7.4 million class E at 'Asf'; Outlook Stable from Rating Watch Negative;
--$14.4 million class H at 'Dsf'; RE0.

Classes J, K, L, M, and N remain at 'Dsf'; RE0%; due to realized losses.

Classes A-1, A-2, A-3, B, C, D, and the interest only class X-2 have paid in
full. Fitch does not rate class P. Class X-1 and O were previously withdrawn.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
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