BMC Capital originated a $960,000 loan for the refinance of Landmark Apartments in Dallas, Texas
Dallas, TX -- (ReleaseWire) -- 12/18/2006 --BMC Capital announced on Thursday, December 14, 2006, that it originated a $960,000 loan for the refinance of Landmark Apartments, a recently stabilized 60-unit complex located at 3299 S. Polk Street in Dallas, Texas.
Steve Sieling, a vice president at BMC Capital’s Dallas headquarters, provided the California borrower with a five-year fixed rate 80% loan-to-value mortgage. The loan also carried a 30-year amortization and a stepped-down prepay schedule.
“We refinanced the previous high floating rate rehab/stabilization loan into a fixed rate permanent loan, which gave the borrower more cash flow even with a higher loan balance,” says Sieling. “That’s one of the reasons why we’ve been able to work with this individual on three separate occasions.”
BMC Capital is a leading lender for small-balance multifamily loans in Texas 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.