Dallas, Texas — BMC Capital announced on August 26, 2008, that it originated a $899,600 loan for the acquisition of Golden Glen Apartments, a 56-unit multifamily property located at 100 & 401 South 2nd Street in Alvin, Texas.
August 26, 2008
Dallas, Texas — BMC Capital announced on August 26, 2008, that it originated a $899,600 loan for the acquisition of Golden Glen Apartments, a 56-unit multifamily property located at 100 & 401 South 2nd Street in Alvin, Texas.
“This was a challenging deal as the property has a vacancy issue, is running with expenses much higher than similar properties in the area, client was a first time buyer and the project required extensive renovation but we were able to arrange a 65% LTC rehab loan, amortized over 25 years,” says Greg Kunard, a loan officer at BMC Capital’s Houston office. Robert Su of Marcus and Millichap of Houston represented the seller and Roderick Woodworth of Lifestyles Realty represented the buyer.
BMC Capital is the leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 150 such transactions in 2008.
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.
Jonathan Morris
BMC Capital, LP
214-526-7178
http://www.bmccapital.com
