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January 10, 2013

Monroe & Giordano Close Community Loan of $17,418,000

Monroe & Giordano, located in Tampa, Florida, the nation's oldest, independently owned and operated mortgage banking firm specializing in Manufactured Housing Community financing, recently arranged financing on Tower Lakes in Lake Wales, Florida. The borrower received long term fixed rate financing in the amount of $17,418,000. This transaction represented a continuation of a sixteen year relationship and is the 67th loan arranged by M&G for the borrower.

Tower Lakes Manufactured Home Community is a 5 star Retirement Community fronting on US Highway 27 in Lake Wales. The 100% occupied community was built in 1987 and contains 417 sites. It has a low density of 5.27 units per acre on its 79 acres. All the homes are doublewide on municipal utilities paid by the residents.†

Amenities include a clubhouse, swimming pool with spa, shuffleboard courts, lake, laundry, and RV storage.

The loan was rate locked and closed with a GSE at a fixed interest rate of 3.99% for 10 years amortized over 30 years. After the first year, the borrower may obtain additional supplemental funding for increased occupancy and increased net income.

J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 60 years experience in commercial real estate lending, have established the commercial mortgage banking firm of Monroe & Giordano which is active primarily in the Southeastern United States. The firm represents numerous lenders that are extremely active for properties of these types. Monroe & Giordano have proven they have the ability to provide their borrowers creative solutions based on each borrower's unique needs. Monroe & Giordano have offices in Tampa, Florida and may be reached at 813-229-5055.