BMC Capital originated a $4 million loan for the acquisition of Wood Ridge Apartments in Austin, Texas
Dallas, TX -- (ReleaseWire) -- 11/22/2006 --BMC Capital announced on Tuesday, November 14, 2006, that it originated a $4 million loan for the acquisition of Wood Ridge Apartments, a 134 unit 98,546 sq. foot complex located at 1900 Burton Drive in Austin, Texas.
“As we moved through the origination process, it became clear that the borrower would receive a greater benefit from a loan program he didn’t consider originally,” says Patrick Short, a loan officer at BMC Capital’s Austin office. “We were able to provide the borrower with maximum leverage to meet reserve goals.” Short provided the California borrower with a non recourse 80% loan-to-value mortgage with a 10-year fixed rate in the low six percent range. The loan also featured a 30-year amortization. Chris Stutzman and Jeff Rogers of Transwestern 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