BMC Capital originated a $4.3 million loan for Lumberton on the Lake in Lumberton, Texas
Dallas, TX -- (ReleaseWire) -- 11/15/2006 --BMC Capital announced on Tuesday, November 7, 2006, that it originated a $4.3 million loan for the acquisition of Lumberton on the Lake, a 100-unit apartment complex at 187 South LHS Drive in Lumberton, Texas.
“This deal had to be structured uniquely as the mineral rights had been sold out from under this property 20 years ago,” says James Conley, a vice president in BMC Capital’s Wilmington office. Conley provided the Calif. borrower with a 10-year fixed rate on a 67% loan-to-value mortgage. The loan also featured a 30-year amortization after an initial three year interest-only period. “We managed to lock the rate during a bond market rally at 5.60% and were able to close this transaction in about 60 days to complete this borrower’s 1031 exchange,” says Conley. Dawn Dyer from the Dyer-Sheehan Group represented the borrower. Matt Heininger from Apartment Realty Advisors 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.
For more information on BMC Capital, contact:
3100 Monticello Avenue, Suite 400
Dallas, TX 75205
1201 Orange Street, Suite 785
Wilmington, DE 19801