BMC Capital originated a $3.3 million loan for the refinance of Palm Meadows apartment complex in Phoenix, Ariz.
Dallas, TX -- (ReleaseWire) -- 01/09/2007 --BMC Capital announced on Friday, January 5, 2007, that it originated a $3.3 million loan for the refinance of Palm Meadows, a 72-unit 50,040 sq. foot apartment complex located at 9423 N 17th Avenue in Phoenix, Ariz.
“This was a straight-forward cash out refinance that BMC Capital closed in 43 days,” says Susanna Reust, a vice president at BMC Capital’s Phoenix office. Reust provided the borrowers with a five-year fixed rate on an 80% loan-to-value mortgage. The loan also carried a 30-year amortization and the first 3 years of the loan are interest only. Andrew Tate of Southwest Apartment Advisors represented the borrower.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 200 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
2575 East Camelback Road, Suite 450
Phoenix, AZ 85016