Dallas, TX -- (ReleaseWire) -- 04/06/2007 -- BMC Capital announced on March 20, 2007, that it originated a $1,900,000 loan for the acquisition of Montecito Apartments, a 79 unit multifamily property located in San Antonio, TX.
The loan was originated for a California investor familiar with the San Antonio market who was coming out of a 1031 exchange. Michael Thompson, a loan officer in BMC Capital’s Houston office states, “We were able to provide the borrower with a high leverage loan, fixed for 30 years with a 30 year amortization and rates in the mid-six percent range. There are no other options in the market that can match that offering today.”
The seller was locally represented by Brandon LoPorto and Ryan Epstein of the Marcus & Millichap San Antonio office.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 150 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, with funding capabilities up to $100 million per loan transaction. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.