BMC Capital originated a $1.2 million loan for the refinance of Sagemont Plaza in Houston, Texas
Dallas, TX -- (ReleaseWire) -- 11/23/2006 --BMC Capital announced on Tuesday, November 14, 2006, that it originated a $1.2 million loan for the refinance of Sagemont Plaza, a multi-tenant retail property with 26,210 rentable sq. feet located at 11504 Hughes Road in Houston, Texas. The property is currently 100% occupied and has a variety of neighborhood tenants.
Keith Van Arsdale, a director in BMC Capital’s Houston office, provided a 75% loan-to-value mortgage with a fixed rate of less than 6.5% on a 25-year amortization to Pearl Chan Lee, Inc. The non-recourse loan allowed the borrower to payoff a bank loan with a much higher interest rate.
BMC Capital is a leading lender for small-balance retail 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:
Keith Van Arsdale
1330 Post Oak Boulevard, Suite 1600
Houston, TX 77056