News

 

February 3, 2011

Monroe & Giordano Arrange $5,867,000 Financing on Florida Manufactured Home Community

Tampa, Florida—Monroe & Giordano, a Tampa-based mortgage company, arranged through its national lending sources a permanent loan of $5,867,000 on Oak Springs Manufactured Home Community in Sorrento, Florida. The community is located in the northwest quadrant of Orlando, Florida, close to an interchange on proposed circumvental toll road 417 (also known as the Central Florida Greenway). This is the third time M&G has financed the community.

Oak Springs Manufactured Home Community is a 4-star, all-age community, approximately 35 years old. It contains 431 sites with approximately 200 double wide homes on 64.81 acres. Density is a very low 6.65 sites per acre, and the loan per site is a very low $13,682. There is a private water and sewer plant. Amenities include a clubhouse with exercise room, swimming pool, tennis courts, RV storage, horseshoes, playground, basketball court, shuffleboard, and laundry.

The loan was rate-locked and closed with a GSE at a fixed interest rate of 6.24% for 10 years, amortized over 25 years. This portfolio transaction represented a continuation of a twelve-year relationship with this borrower.

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 812-229-5055.