BMC Capital Provides $1.2M Loan for the Acquisition of Woodhollow Apartments in Tulsa, OK
June 14, 2007 (PRLEAP.COM) Business NewsDallas, Texas — BMC Capital announced on June 6, 2007, that it originated a $1,230,000 loan for the acquisition of Woodhollow Apartments, a 42-unit apartment complex located at East 33rd Court in Tulsa, OK.
“The financing was provided through BMC Direct where we originate, close and service the loan in-house,” says Patrick Short, a loan officer at BMC Capital’s Austin office. “Full leverage was crucial to this transaction since the buyer only wanted to utilize funds in a 1031 exchange that was nearing its deadline. We were able to meet this request by providing a 5-year fixed rate at 80% loan-to-value with a 3-year declining prepayment penalty in the mid 6% range.”
Jerry Copelan of The Copelan Group represented the buyer. The seller was represented by Jeff Hilst and Jerry Moskowitz of CBRE.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest 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.