BMC Capital originated a $752,000 loan for the acquisition of Shaker Norwood apartments in Shaker Heights, Ohio
Dallas, TX -- (ReleaseWire) -- 01/12/2007 --BMC Capital announced on Monday, January 8, 2007, that it originated a $752,000 loan for the acquisition of Shaker Norwood, an 18-unit 25,372 sq. foot apartment building located at 3660 Warrensville Center Road in Shaker Heights, Ohio.
Gavin Pike, a vice president at BMC Capital’s Toledo office, provided the Ohio borrower with a seven-year fixed rate in the mid 6% range on an 80% loan-to-value mortgage. The loan also carries a 30-year amortization and a $30,000 repair allowance outside of escrow. Michael Barron of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest 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
1690 Woodlands Drive, Suite 338
Toledo, OH 44122