Dallas, TX -- (ReleaseWire) -- 08/03/2006 --BMC Capital announced on Tuesday August 1, 2006, that it originated a $1 million loan for the purchase Holly Manor, a 40-unit apartment complex at 4022 Montego Drive in Corpus Christi, Texas, a city south of San Antonio and on the Gulf Coast.
Michael Thompson, a vice president in BMC Capital’s Houston, office, originated the 80% LTV loan, which features a 7-year fixed-rate term with a 30-year amortization. Ray Schaffer from Marcus and Millichap represented the California-based borrower. Michael Watson from Marcus & Millichap represented the seller.
BMC Capital is a leading lender of small-balance multifamily loans in the Texas market and anticipates originating at least 100 such transactions in 2006.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist in providing 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.