BMC Capital originated a $2.1 million loan for 1st Avenue Apartments in Mesa, Ariz.
Dallas, TX -- (ReleaseWire) -- 11/10/2006 --BMC Capital announced on Friday, November 3, 2006, that it originated a $2.1 million loan for the acquisition of 1st Avenue Apartments, a 52-unit complex located at 633 West First Avenue in Mesa, Ariz.
“The borrower originally sought a 65% LTV loan,” says Susanna Reust, a vice president at BMC Capital’s Phoenix office. “But we were able to provide a 75% LTV. The extra leverage from this loan allowed the borrower to purchase a second property with the proceeds of the 1031 exchange.” The loan also featured a thee-year fixed rate and a 30-year amortization. Brian Smuckler of Marcus and Millichap represented the California borrower.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest market 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.