BMC Capital originated a $1.2 million loan for Beachwood Apartments in Monticello, Ind.
Dallas, TX -- (ReleaseWire) -- 10/27/2006 --BMC Capital announced on Friday, October 27, 2006, that it originated a $1.2 million loan for the acquisition of the Beachwood Apartments, a 48-unit, Class A multifamily property located at 600 Anchor Court in Monticello, Ind., a city in central Indiana.
Josh Bailey, a loan officer at BMC Capital’s Dallas headquarters, originated the loan for the California. based buyer. Bailey provided a 10-year fixed rate with a 30-year amortization on a 67% loan-to-value mortgage with a limited guarantee by the buyer. Mary Kelley of Mary Kelley Real Estate represented both the seller and the buyer.
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest 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.