News
REFI RECIPE
August 9, 2012
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| Take one Denver-area apartment. Add a refinanced bridge loan. And sprinkle with Fannie Mae. You get money to buy more value-add apartment properties. (Mom always said money doesn't grow on trees, but she never said it doesn't grow on refinanced bridge loans.) We got word that BMC Investments has refi’d a bridge loan for its Amherst Apartments. Centerline Capital Group provided a nearly $4M Fannie Mae 10-year loan. Centerline officials also say the new loan will help BMC get “cash out proceeds” to shop for other Denver-area propertries. Amherst is a success story for BMC, which acquired the three-building complex in 2011 at 50% occupancy and has turned it around and filled the property up—with a waiting list. |
