BMC Capital originated $2 million loan for Inwood Place in Houston, Texas
Dallas, TX -- (ReleaseWire) -- 10/09/2006 --BMC Capital announced on Friday, October 6, 2006, that it originated a $2 million loan for the acquisition of Inwood Place, a 48-unit apartment complex located at 6706 Wagonwheel Lane in Houston, Texas.
Keith Van Arsdale, Director of BMC Capital’s Southwest Operations, arranged the five-year fixed rate, 85% loan-to-value mortgage with a 30-year amortization. Comments Van Arsdale, “The borrower was seeking the maximum leverage possible. This can be challenging in today’s low cap rate environment. We can underwrite to a 1.05 DSCR. Thus, this property qualified for our 85% LTV program.” Debra Nouhra of Gary Greene of Prudential represented the California-based buyer. Matt Saunders and Tom Wilkinson of KET Enterprises, Inc. represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in Texas and anticipates originating more than 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.