BMC Capital originated a $2 million loan for a Damon’s Grill in Grand Blanc, Mich.
Dallas, TX -- (ReleaseWire) -- 10/30/2006 --BMC Capital announced on Friday, October 27, 2006, that it originated a $2 million loan for the refinance of an 8,683 sq. foot building housing a Damon’s Grill at 5494 Dort Highway in Grand Blanc, Mich.
“The borrowers were looking to refinance a high rate bridge loan that BMC set up a few weeks prior to help them close on their tight 1031 deadline into a long-term low-rate fixed program,” says Shawn Givens, a loan officer at BMC Capital’s Dallas headquarters. Givens provided the California borrowers with a 10-year fixed rate on a 65% loan-to-value mortgage. The loan also featured a 30-year amortization and a prepay structure that allows the property to be sold at any time. “BMC facilitated the borrowers’ future investment real estate plans and met their needs by providing a tailored prepay schedule,” says Givens. Earle Hyman of Marcus and Millichap represented the borrower. Chris Peters of Capital Pacific represented the seller.
BMC Capital is a leading lender for NNN and Retail loans nationwide 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.