BMC Capital announced on Monday, August 21, 2006, that it originated a $3.8 million loan for the acquisition of Woodlands Green Retail Center.
Dallas, TX -- (ReleaseWire) -- 08/21/2006 --BMC Capital announced on Monday, August 21, 2006, that it originated a $3.8 million loan for the acquisition of Woodlands Green Retail Center. The property is a 27,940 rentable sq. ft. multi-tenant retail center at 25919 IH 45 North in Spring, Texas, just south of The Woodlands, Texas. Built in 2004, the center is 86% leased.
“Due to the borrowers’ exit strategy, they did not want a loan with treasury defeasance,” says Keith Van Arsdale, Director of BMC Capital’s Southwest Operations. “We provided a non-recourse, fixed rate loan with a declining pre-pay and no reserves for tenant improvements and leasing commissions. The borrower found these loan features very attractive.”
The buyer was a California-based investor. Don Stringham and Todd Carlson with Marcus and Millichap represented the buyer and seller.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for 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.