BMC Capital originated a $4.7 million loan for the refinance of South Point Apartments in Tucson, Ariz
Dallas, TX -- (ReleaseWire) -- 01/03/2007 --BMC Capital announced on Friday, December 22, 2006, that it originated a $4.7 million loan for the refinance of South Point Apartments, a 144-unit 75,784 sq. foot complex located at 1120 East Irvington Road in Tucson, Ariz.
Susanna Reust, a vice president with BMC Capital’s Phoenix office originated a 75% loan-to-value mortgage that carried a 30-year amortization. The five-year fixed rate was in the low 6% range. “The borrower had entered into an Installment Real Estate Contract and Master Building Lease and was not on title,” says Reust. “In order to close the deal, title was amended to include the borrower’s entity and the borrower’s request of having the deal processed as a refinance was met.”
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 East Camelback Road, Suite 450
Phoenix, AZ 85016