BMC Capital originated a $1.75 million loan for Krystal Plex Apartments in Texarkana, Texas
Dallas, TX -- (ReleaseWire) -- 11/09/2006 --BMC Capital announced on Friday, November 3, 2006, that it originated a $1.75 million loan for the acquisition of Krystal Plex Apartments, a 60-unit multifamily property located at 120 Cherokee Trail and 39 River Bend Drive in Texarkana, Texas.
Todd Davis, a vice president at BMC Capital’s Dallas headquarters, provided the Pasadena-based borrower with a 10-year fixed rate on an 80% loan-to-value mortgage. The loan also featured a 30-year amortization. The subject properties were a series of non-contiguous multifamily buildings collateralized as a single loan. John Duguid of Prudential California Realty represented the buyer, and Marc Mote of United Country Real Estate represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in Texas 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.