BMC Capital originated a $1.3 million loan for Northpoint Apartments in Shoreline, Wash.
Dallas, TX -- (ReleaseWire) -- 10/25/2006 --BMC Capital announced on Tuesday, October 24, 2006, that it originated a $1.3 million loan for the acquisition of Northpoint Apartments, a 28-unit property located at 18018 N.E. 15th Avenue in Shoreline, Wash., a northern Seattle suburb.
Glenn Gioseffi, a vice president at BMC Capital’s Seattle office, originated the loan for a seven-member trust. Gioseffi provided a 10-year fixed rate on a 51% loan-to-value mortgage. The loan also features a 30-year amortization. David Thompson of Madison Realty represented the borrower and the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Pacific Northwest 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.