BMC Capital originated two loans totaling $1.5 million for two multifamily properties in Calif.
Dallas, TX -- (ReleaseWire) -- 11/02/2006 --BMC Capital announced on Friday, October 27, 2006, that it originated two loans totaling $1.5 million for the refinance of two multifamily properties in Calif. The first is Martin Manor, a 16-unit complex on 925 Martin Drive in Escondido, a city 30 miles north of San Diego. The second is Palm Springs, an 11-unit complex on 733 East Vista Chino in Palm Springs.
Fabio Fanelli, a loan officer at BMC Capital’s San Diego office, originated the loans for the Calif. borrower. Martin Manor’s mortgage accounted for $970,000 of the total loan amount; Palm Springs made up the remaining $530,000. Both loans featured five-year fixed rates as well as 30-year amortizations.
BMC Capital is a leading lender for small-balance multifamily loans in California 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.