BMC Capital originated a $10 million loan for the refinance of Desert Wind Apartments in Phoenix, Ariz.
Dallas, TX -- (ReleaseWire) -- 12/04/2006 --BMC Capital announced on Tuesday, November 21, 2006, that it originated a $10 million loan for the refinance of Desert Wind Apartments, a 216-unit complex located at 4140 West McDowell Road in Phoenix, Ariz.
Susanna Reust, a vice president at BMC Capital’s Phoenix office originated the 75% loan-to-value mortgage, which featured a three-year fixed rate. The loan also carries a 25-year amortization. “This property was not seasoned very long,” says Reust. “The borrower had owned it for only about a year. So providing a cash-out loan for the borrower was challenging, but BMC Capital was able to get this done.”
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 150 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
2575 E. Camelback Road, Suite 450
Phoenix, AZ 85016