BMC Capital originated $925,000 acquisition loan Highland Gardens East apartment complex in Phoenix, Ariz.
Dallas, TX -- (ReleaseWire) -- 10/04/2006 --BMC Capital announced on Wednesday, October 4, 2006, that it originated a $925,000 loan for the acquisition of Highland Gardens East, a 26-unit apartment complex located at 4741 North 15th Street in Phoenix, Ariz.
Mike Callis, a loan officer in BMC Capital’s Phoenix office, originated the loan for the Canadian borrowers’ condo conversion project. They received a three-year just-over-prime rate 59% loan-to-value mortgage with a 30-year amortization. Greg Thielen of Hendricks & Partners represented the buyer.
BMC Capital is a leading lender for small-balance commercial loans in the Southwest 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.