BMC Capital Provides $2.9M Loan for the Acquisition of Casa Bella Apartments in Irving, TX
June 14, 2007 (PRLEAP.COM) Business NewsDallas, Texas — BMC Capital announced on June 11, 2007, that it originated a $2,992,000 loan for the acquisition of Casa Bella Apartments, a 116-unit apartment complex located on South Irving Heights Drive in Irving, TX.
“These California based investors were coming out of a 1031 exchange and required a high leverage to match their exchange proceeds,” says Steve Sieling, a Vice President at BMC Capital’s Dallas office. “We were able to meet the demands with a 5-year fixed rate and a 30-year amortization with a step down prepayment schedule.”
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.