BMC Capital originated a pair of loans totaling $2.7 million for Bella Vista and Chula Vista apartment complexes in Phoenix, Ariz.
Dallas, TX -- (ReleaseWire) -- 01/22/2007 --BMC Capital announced on Wednesday, January 17, 2007, that it originated a pair of loans totaling $2.7 million. The first loan of $1.1 million was for the refinance of Bella Vista, a 24-unit apartment building located at 621 N. 30th Place. The second loan of $1.6 million was for the refinance of Chula Vista, a 34-unit apartment building located at 1401 N. 35th Street. Both buildings are in Phoenix, Ariz.
“The borrowers wanted to refinance two buildings to pull cash out for a down payment on another,” says Susanna Reust, a vice president at BMC Capital’s Phoenix office. She provided the California borrower with a five-year fixed rate on both loans, which averaged 75% loan to value. The loans also each carried 30-year amortizations. “We worked closely with the borrower to get them the cash they needed to invest in another multi-family property and grow their portfolio”, says Reust.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 200 such transactions in 2007.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality mortgage loans in the $500,000 to $5 million range. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.
For more information on BMC Capital, contact:
3100 Monticello Avenue, Suite 400
Dallas, TX 75205
2575 E. Camelback Road, Suite 450
Phoenix, AZ 85016