BMC Capital announced on Monday, August 28, 2006, that it originated a $2.8 million loan for the purchase of Glen Valley, a 104-unit multifamily property located at 840 Broadway in Bedford, Ohio, a suburb of Cleveland.
Dallas, TX -- (ReleaseWire) -- 08/28/2006 --BMC Capital announced on Monday, August 28, 2006, that it originated a $2.8 million loan for the purchase of Glen Valley, a 104-unit multifamily property located at 840 Broadway in Bedford, Ohio, a suburb of Cleveland.
“We provided the borrower with a very attractive rate in the mid 6% range,” says Gavin Pike, a vice president in BMC Capital’s Toledo office. “We were able to deliver with a competitive rate, 10-year fixed loan with a 30-year amortization schedule.” The Ohio-based borrowers received an 80% loan to value mortgage. Michael Barron and Daniel Burkons from Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest market and anticipates originating at least 100 such transactions in 2006.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality 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.