BMC Capital originated a $1.7 million loan for an apartment project in Irving, Texas
Dallas, TX -- (SBWIRE) -- 10/23/2006 -- BMC Capital announced on Friday, October 20, 2006, that it originated a $1.7 million acquisition loan for a 90-unit apartment project in Irving, Texas.
“The investors sought a full leverage loan with a very aggressive fixed rate,” says Steve Sieling, a vice president at BMC Capital’s Dallas headquarters. “The property’s performance had been very stable over its review period, which allowed for streamlined underwriting. BMC Capital was able to help these investors exchange into the property with the proceeds from a previous sale in California.”
Sieling originated the loan in 45 days for West Coast investors, who received an 80% loan-to-value mortgage with a five-year fixed rate. The loan also featured a 30-year amortization and no escrow for replacement reserves. David Shaffer represented the seller and Ryan Wehner of North Texas Multifamily Realty represented the buyer.
BMC Capital is a leading lender for small-balance multifamily loans in Texas 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.