Dallas, TX -- (ReleaseWire) -- 08/08/2006 --BMC Capital announced on Monday August 7, 2006, that it originated a $2.1 million loan for the purchase of an 11,180 sq. ft. Rite Aid at 5032 Cedar Street in Lansing, Mich. The property is a triple net least building on a long term lease to Rite Aid.
“Because of the large number of Rite Aids financed by BMC Capital this year, we were able to offer the borrower a very attractive rate on a 10-year fixed mortgage with a 30-year amortization,” says Shawn Givens, a loan officer at BMC Capital’s headquarters in Dallas. “Lansing’s robust economy plus this property’s location on a major thoroughfare acts to further improve the overall investment appeal.” Alex Pavich from Sperry Van Ness represented the borrower. Alvin Mansour and Simon Jonna of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for the single-tenant retail property sector nationwide. The firm anticipates originating more than 150 such transactions this year.
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.