February 11, 2010

Monroe & Giordano Arrange $32,800,000 In MHC Loans

Tampa, Florida—Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a Permanent Loan totaling $22,000,000 on The Ridge Manufactured Home Community in Davenport, FL. The 5 Star all age community is located on Highway 27 just north of Interstate-4.

The Ridge Manufactured Home Community contains 481 sites containing all double or triple wide homes on 115 acres. The community 100% occupied community was developed in 1997. Amenities include a clubhouse, swimming pool, spa, playground and basketball court.

The loan was rate locked in the midst of severe market upheaval and closed with an interest rate of 5.62%. 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 ninetenth loan arranged by M&G for the borrowers during that time period. This is also the third time M&G has provided financing for The Ridge.

Along with The Ridge, M&G closed a 10 million dollar loan on an MHC in the Midwest and an earnout on an MHC in Naples.

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.