BMC Capital originated a $573,7500 loan for the acquisition of Noble Manor in Cleveland Heights, Ohio
Dallas, TX -- (ReleaseWire) -- 12/07/2006 --BMC Capital announced on Thursday, November 30, 2006, that it originated a $573,7500 loan for the acquisition of Noble Manor, a 21-unit apartment complex located at 2715 Noble Road in Cleveland Heights, Ohio.
Gavin Pike, a vice president at BMC Capital’s Toledo office, provided the California borrower with a 10-year fixed rate in the mid 6% range on a 75% loan-to-value mortgage. The loan, which was originated based on the property’s value after certain improvements are completed, also carried a 30-year amortization. Michael Barron, Daniel Burkons and Nick Soeder of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest 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
1690 Woodlands Drive, Suite 338
Toledo, OH 43537