Dallas, TX -- (ReleaseWire) -- 08/11/2006 --BMC Capital announced on Tuesday August 8, 2006, that it originated a $1.45 million loan for the purchase of Spanish Trace Apartments, a 73-unit multifamily property on 3.65 acres at 3001 N.E. Second Street in Mineral Wells, Texas, a city 50 miles west of Ft. Worth.
Keith Van Arsdale, BMC Capital’s Director of Southwest Operations, originated the 80% LTV loan, which features a 5-year fixed-rate term and a 30-year amortization. “Mineral Wells is a smaller market,” says Van Arsdale. “BMC has numerous products for investment properties in tertiary markets with populations of less than 100,000.” Derrick Caballero from Phillips Commercial represented the buyers.
BMC Capital is a leading lender for 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.