Dallas, TX -- (ReleaseWire) -- 11/08/2006 --BMC Capital announced on Friday, November 3, 2006, that it originated a $1.7 million loan for the acquisition of The Groves at Mesa Apartment Homes, a 35-unit complex located at 2030 East Broadway Drive in Mesa, Ariz.
“We accommodated 1031 exchanges for both the buyer and seller,” says Mike Callis, a vice president at BMC Capital’s Phoenix office. Callis provided the Ariz. borrower with a five-year fixed rate on a 76% loan-to-value mortgage. The loan, which was insured by Matthew Randall with Palos Verdes Insurance Agency, also featured a 30-year amortization. Russ Duncan of Keller William’s represented the buyer. Jim Kasten of Re/Max Commercial represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 100 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.
BMC Capital Provides $1.7M Loan for a Multifamily Property in Mesa, Ariz.
BMC Capital announced on Friday, November 3, 2006, that it originated a $1.7 million loan for the acquisition of The Groves at Mesa Apartment Homes, a 35-unit complex located at 2030 East Broadway Drive in Mesa, Ariz.