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February 3, 2007

Monroe & Giordano Arranges $22 Million in Unique Financing

Monroe & Giordano, a Tampa-based mortgage vompany, arranged through its national lending sources, a unique Permanent Loan of $22,400,000 on Park Place Manufactured Home Community in Sebastian, Florida. The property, purchased for $28,500,000 is in a prime location on Lakeview Drive just off US 1.

The creative loan structure was arranged for the borrower who is a New York Stock Exchange-listed REIT. The loan was fully funded even though the community is 76% occupied with 369 sites filled. New phases had been added as leasing progressed. The loan contains a $500,000 interest reserve held by the lender since the debt coverage was below that usually accepted by MHC lenders. Upon the lease up of the remaining 118 sites, the lender will increase the loan based on a reappraisal.

Park Place Manufactured Home Community is a 487-site, 5-star, age-restricted community containing all double- and triple-wide homes on 179 acres. The sites surround a beautiful lake in the center of the community. Amenities will include 11,000-square-foot clubhouse, swimming pool, Jacuzzi, and tennis courts.

J. Cary Monroe, Michael B. Giordano and Glenda Rice with over 45 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.