BMC Capital, LP

BMC Capital Provides $960,000 Loan for an Apartment Building in Tucson, Ariz.

BMC Capital originated a $960,000 loan for the cash out refinance of the Imperial Apartments in Tucson, Ariz.

 

Dallas, TX -- (ReleaseWire) -- 01/19/2007 -- BMC Capital announced on Friday, January 12, 2007, that it originated a $960,000 loan for the cash out refinance of the Imperial Apartments, a 32-unit building located at 665 N. Jefferson Avenue in Tucson, Ariz.

Josh Bailey, a loan officer at BMC Capital’s Dallas headquarters, provided the California borrower with a five-year fixed rate on an 80% loan-to-value mortgage. The loan also carried a full 30-year maturity.

“We were able to provide even more loan proceeds than what we originally offered to the borrower,” says Bailey. “The challenge with this transaction was obtaining cash out at the current appraised value with minimal seasoning on the property. We were able to demonstrate the increased value based on the repositioning and restabilization of the asset over the past 12 months and take advantage of favorable cap rates.”

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:

Jonathan Morris
President
3100 Monticello Avenue, Suite 400
Dallas, TX 75205

214.526.7178
jmorris@bmccapital.com
www.bmccapital.com

Josh Bailey
Loan Officer
3100 Monticello Avenue, Suite 400
Dallas, TX 75205

214.526.7178
jbailey@bmccapital.com
www.bmccapital.com