BMC Capital Provides $1.3M Loan for the Acquisition of Forestview Terrace Apartments in East Cleveland, Ohio
June 07, 2007 (PRLEAP.COM) Business NewsDallas, Texas — BMC Capital announced on June 5, 2007, that it closed a $1,380,000 loan for the acquisition of Forestview Terrace Apartments, a 72-unit apartment complex located on Forest Hills Boulevard in East Cleveland, OH.
“The borrowers went to their regional commercial lender and were not satisfied with the loan terms that were provided. Our local knowledge of the East Cleveland apartment market enabled us to look at the whole picture and commit to terms that provided maximum leverage for the borrowers,” says Gavin Pike, a Vice President at BMC Capital’s Toledo office. “We provided a 10-year fixed rate on an 80% loan-to-value mortgage with a 30-year amortization through BMC Direct, where we originate, close, and service the loan in house. Ben Baker and Gary Cooper of Marcus & Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest and anticipates originating at least 150 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, with funding capabilities up to $100 million per loan transaction. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.