Dallas, TX -- (ReleaseWire) -- 08/07/2006 --BMC Capital announced on Thursday August 3, 2006, that it originated a pair of loans totaling $1.6 million for the purchase of two retail buildings with Dollar General as a tenant in each. One of the stores is located on 6850 Main Street in Caseville, Mich., a city north of Detroit on the east coast of Saginaw Bay. The other is on 57 North Caseville Road in Pigeon, Mich., which is just south of Caseville.
Gavin Pike, a vice president at BMC Capital’s Toledo office, originated the 70% LTV loans, which feature a rate in the upper 6% range and a 30-year amortization. Benjamin Baker from Marcus and Millichap represented the borrower, and Pete Paule from Marcus and Millichap represented the seller.
BMC Capital is a leading originator of small balance retail loans in the Mid-West market and anticipates originating at least 50 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.