Dallas, TX -- (ReleaseWire) -- 06/15/2007 -- BMC Capital announced on May 21, 2007, that it originated a $10,375,000 loan for the acquisition of Coopers Mills Apartments, a 366-unit garden style apartment complex located at 15603 Gulf Freeway in Houston, TX.
“The investors required maximum leverage and we were able to arrange a 90% loan-to-value mortgage with a 5-year fixed rate, and a 30-year amortization,” says Keith Van Arsdale, a Director at BMC Capital’s Houston office.
The Houston based buyer was Apartments at Cooper’s Mill Landmark, LLC and the seller was Cooper’s Mill Apartments, LP. Barry Novy of Novy Investments and Tom Wilkinson of KET Enterprises represented the seller.
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.