Dallas, TX -- (ReleaseWire) -- 08/09/2006 --BMC Capital announced on Monday August 7, 2006, that it originated a $6.75 million loan for the acquisition of Cedars of San Marcos. The property is a 168-unit apartment complex at 1101 Leah Avenue in San Marcos, Texas, a city on US Highway 81 and between San Antonio and Austin.
“This acquisition gives the borrowers a significant presence in the Central Texas market,” says Michael Thompson, a vice president at BMC Capital’s Houston office. The Massachusetts-based buyer received a 7-year fixed rate loan with a 30 year amortization. “Speed of execution and a competitive rate were top priorities for the borrowers,” says Thompson. “The borrowers were looking for less than a 60-day close, and we were able to provide that.”
BMC Capital is a leading lender of 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.