BMC Capital originated a $2.2 million loan for the acquisition of a 150-unit multifamily portfolio in Brownwood, Texas
Dallas, TX -- (ReleaseWire) -- 01/08/2007 --BMC Capital announced on Friday, January 5, 2007, that it originated a $2.2 million loan for the acquisition of a 150-unit multifamily portfolio totaling 105,475 sq. feet located in Brownwood, Texas.
“We provided the borrower with a single loan for five non-contiguous properties”, says Todd Davis, a vice president at BMC Capital’s Dallas headquarters. The Berkeley, Calif. borrower received a 66% loan-to-value mortgage with a seven-year fixed rate. The loan also carried a 30-year amortization and partial release provisions allowing for the sale of individual properties. “BMC Capital worked with the client to achieve the objectives of maximum amortization, flexible prepayment penalty, and partial release provisions, all within a tight 1031 exchange timeline”, says Davis. Amir Mozami of Wes Walters Realty Inc. represented the buyer. Russ Gressett of TGC Realty Counselors represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in Texas and anticipates originating at least 250 such transactions in 2007.
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
2800 Willing Avenue
Fort Worth, TX 76110