News

 

December 17, 2009

Monroe & Giordano Arrange Loan for New Mexico MHC

Tampa, Florida—Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a Permanent Loan totaling $4,802,000 on Westridge Manufactured Home Community in Albuquerque, NM. The all age community is located on Volcano Rd.

Westridge Manufactured Home Community contains 186 sites containing 14 double wide homes on 25+ acres. The community was developed in 19999. Amenities include a clubhouse, swimming pool, playground, fooseball and pool tables.

The loan was rate locked in the midst of severe market upheaval and closed with an interest rate of 6.05%. The loan from a GSE also contained earnout provisions during the first five years of the ten year loan term. The lender will increase the loan based on a reappraisal and DSC ratio.

This transaction represented a continuation of a ten year relationship with this borrower and is the fifth loan arranged by M&G for him during that time period. This is also the second time M&G has provided financing for Westridge.

J. Cary Monroe, Michael B. Giordano and Glenda Rice with over 65 years combined 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.