Lowell, MI -- (ReleaseWire) -- 07/07/2006 --BMC Capital announced on Tuesday, June 27, 2006, that it funded a $1,290,000 loan for the purchase of the building housing Appletree Learning Center located at 11770 Fulton Street SE, Lowell, Mich. The property was financed at a rate below 7%, with a 10 year fixed rate and a 30-year amortization. There were no reserves collected by the lender. The 10,569 sq. ft. property sits on a 1.96 acre lot and serves as one of the fewer than half-dozen listed child care facilities in this Grand Rapids suburb.
“This agreement represents another in a number of single-tenant properties that we have successfully financed,” says Gavin Pike, BMC Capital’s Toledo-based vice president. “We continue to lead the sector in terms of originations.” Pike coordinated the financing for the purchaser of the property. Scott Ryan from Marcus and Millichap in Dallas represented the buyer in this transaction. Andy Gallas of Marcus and Millichap in Detroit represented the seller.
About BMC Capital, LP
BMC Capital, LP is the country’s leading provider of multi-family, retail, commercial, and SBA 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.