BMC Capital originated a $1.95 million loan for the acquisition of the Woodlawn and Carroll Lane Apartments in Corpus Christi, Texas
Dallas, TX -- (ReleaseWire) -- 12/15/2006 --BMC Capital announced on Thursday, December 14, 2006, that it originated a $1.95 million loan for the acquisition of the Woodlawn and Carroll Lane Apartments. The two apartment complexes comprise a total of 86 units and are located at 3762 Up River Road and 56333 Carroll Lane in Corpus Christi, Texas.
Keith Van Arsdale, director of BMC Capital’s Houston office, provided the California-based TIC buyer with a fixed rate loan in the low 6% range rate with a 75% LTV.
“We structured the mortgage as one loan on two separate properties,” says Van Arsdale. “Also, the loan allows the borrower to sell one of the properties individually. The loan offered the best rate, terms and most flexibility for the borrower.”
Chris Ross of Hendricks & Partners San Antonio office negotiated the transaction. The seller was EIG Texas Carroll Lane, LLC and EIG Texas Woodlawn LLC.
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.