BMC Capital originated $4.15 million loan for a Rite Aid in Lansdale, Penn.
Dallas, TX -- (ReleaseWire) -- 10/17/2006 --BMC Capital announced on Monday, October 16, 2006, that it originated a $4.15 million loan for the acquisition of an 11,000 sq. foot building housing a Rite Aid on Valley Forge Road in Lansdale, Penn., a city 25 miles north of Philadelphia.
“This was a great location that was highly sought after by several national chains,” says James Conley, a vice president in BMC Capital’s Wilmington office. Conley provided the Philadelphia borrower a 10-year fixed rate mortgage at just over 100 basis points over the 10-year treasury yield. The nonrecourse loan also features a 30-year amortization. “The property was sold at a 7.6% cap rate, and its rent was well above the market average,” says Conley says Conley about the deal, which closed in under 60 days.
Spencer Yablon of Marcus and Millichap represented the borrower. Dean Zang of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance commercial loans in the Northeast and anticipates originating at least 50 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.