General Motors Corp. said Thursday that it is selling a majority interest in its commercial mortgage division for $1.5 billion in cash to a private investment group.
In addition to the cash payment for a 78 percent stake in the business, GM said that GMAC Commercial Holding Corp. has also repaid $7.3 billion in intercompany loans as part of the deal. That would boost the total proceeds from the deal to almost $9 billion.
