Dallas, TX -- (ReleaseWire) -- 08/15/2006 --BMC Capital announced on Tuesday, August 15, 2006, that it originated two loans totaling $2.3 million for the purchases of Davis – Levick Street, a 21-unit apartment complex on 1565/1575 Levick Street, and Davis – Taylor Avenue, a 24-unit apartment complex on 621/701/703 Taylor Avenue. Both properties are in Moscow, Idaho, a city on the Washington border.
“The buildings serve as student housing, and all their leases are for at least one year terms,” says Glenn Gioseffi, a vice president at BMC Capital’s Seattle office. “BMC Capital has extensive experience with student housing projects. That fact allowed the borrower to obtain a high leverage loan considering the small market the properties are located in” says Gioseffi. The Idaho-based borrower received a 70% loan to value mortgage with a 10-year fixed rate term and a 30-year amortization.
BMC Capital is a leading lender for multifamily loans in the Pacific Northwest 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.