BMC Capital originated a $560,000 loan for the acquisition of Pepper Tree II Apartments in Austin, Texas
Dallas, TX -- (ReleaseWire) -- 11/21/2006 --BMC Capital announced on Monday, November 13, 2006, that it originated a $560,000 loan for the acquisition of Pepper Tree II Apartments, a 20-unit 8,850 sq. foot complex located at 408 and 410 W. 37 Street in Austin, Texas.
Patrick Short, a loan officer at BMC Capital’s Austin office, provided the Calif. borrower with a 65% loan-to-value mortgage with a five-year fixed rate in the low six percent interest range. The loan, which closed in 35 days, also featured a 30-year amortization. Mike Watson of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in Texas and anticipates originating at least 200 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
111 Congress Avenue, 4th Floor
Austin, TX 78701