BMC Capital originated a $1.15 million loan for Ellison Park in Auburn, Wash.
Dallas, TX -- (ReleaseWire) -- 11/03/2006 --BMC Capital announced on Tuesday, October 31, 2006, that it originated a $1.15 million loan for the refinance of Ellison Park, an apartment building located at 902 M Street in Auburn, Wash.
“The client formed an LLC to limit the involvement of the property’s other owners,” says Glenn Gioseffi, a vice president at BMC Capital’s Seattle office. Gioseffi originated the 50% loan-to-value mortgage with a 10-year fixed rate. The loan also featured a 30-year amortization. “While the property had a number of complex title related items to work through, BMC Capital’s closing team managed to work through the process in record time,” says Gioseffi.
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.