Dallas, TX -- (ReleaseWire) -- 06/01/2007 -- BMC Capital announced on May 23, 2007, that it originated a $4,050,000 loan for the acquisition of Atwell-Hicks office center located at 500 Avis Drive in Ann Arbor, Michigan.
The property’s financing was coordinated by Gavin Pike, vice president of BMC Capital’s Toledo office. Pike explains, “The property was a single tenant net leased office building, with only five years remaining on its lease. But even with this significant challenge, we were able to offer a 10 year fixed rate mortgage, with a 30 year amortization and a rate in the mid 6’s. The loan requires no replacement or TILC reserves. Even better, the loan funded in less than 40 days after initial application from the borrower.”
BMC Capital is the leading lender for small-balance commercial loans in the Midwest 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.