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February 11, 2013

Monroe & Giordano Arrange Community Loans of $12,850,000

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 Hidden Cove, Hidden Cove East and Hidden Cove West MHCs in Central Florida. The borrower received long term fixed rate financing in the total amount of $12,850,000.

Hidden Cove Manufactured Home Community in Winter Haven, FL received a loan of $3,653,000. It is a 4 star retirement community situated contiguously on 900 acre Lake Henry. The community was built in 1981. Situated on 59.57 acres, it has a very low density of 2.04 units per acre. Hidden Cove contains 122 sites and is 100% occupied by singlewide homes.†Amenities include a clubhouse, swimming pool with spa, shuffleboard courts, fishing pier, laundry, RV storage, 900 acre Lake Henry with boat slips and boat ramp.

Hidden Cove East Manufactured Home Community in Winter Haven, FL received a loan of $2,145,000. It is a 4 star retirement community built in 1986. Hidden Cove East contains 83 sites on 7.42 acres. Occupancy is 100% and the entire project contains good quality singlewides on sites that will all accommodate doublewides.†Amenities include a clubhouse, swimming pool with spa, fishing pier, boat docks, shuffleboard courts, laundry, RV storage and fronts on 900 acre Lake Henry.

Hidden Cove West Manufactured Home Community in Winter Haven, FL received a loan of $7,052,000. It is a 4 star retirement community built in 1982. Hidden Cove West contains 243 sites on 20.97 acres. Occupancy is 100% with good quality singlewide homes.†Amenities include frontage on 900 acre Lake Henry, clubhouse, swimming pool, shuffleboard courts, laundry, fishing pier, boat docks and RV storage.

This transaction represented a continuation of a nearly two decade relationship with this borrower. The loan was rate locked and closed with a GSE at fixed interest rates that averaged under 4% for 10 years amortized over 30 years. After the first year, the borrower may obtain additional supplemental funding for increased net income.

J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 75 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.