Toledo, OH -- (ReleaseWire) -- 07/11/2006 --BMC Capital announced on Friday, June 30, 2006, that it originated two loans totaling $2,680,000 for the refinance and purchase of two apartment complexes in the Toledo area. Eastgate Apartments, a 44-unit complex with over 24,000 rentable sq. ft. that sits on 1.29 acres, is in Toledo proper. Hidden Valley Apartments, a 72-unit complex with almost 44,000 rentable sq. ft. that sits on 5.07 acres, is in Holland, a suburb of Toledo. Both properties were financed with rates in the mid 6% range with 80% LTV, a 10-year fixed rate and 30-year amortization.
“As vacancy rates continue to drop, multi-family properties like these will continue to appeal to commercial property investors,” says Gavin Pike, BMC Capital’s Toledo-based vice president. “As a national lender BMC has been able to offer more flexible program term and rates than the regional and local banks in the Ohio market.”
BMC Capital is a leading lender in the Ohio market and anticipates originating at least 50 transactions in the state this year.
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.
For more information on BMC Capital, contact:
4514 Cole Ave, Suite 750
Dallas, TX 75205