March 16, 2009

Monroe & Giordano Arrange Loan for Highland Country Estates MHC

Tampa, Florida—Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a Permanent Loan totaling $5,975,000 on Highland Country Estates Manufactured Home Community in DeBary, FL. The community is located on heavily traveled Highway 17/92 near I-4.

Highland Country Estates Manufactured Home Community contains 234 sites containing all double wide homes on 27 acres. The gated, 55+ community was developed in 1970. Amenities include a clubhouse, swimming pool, shuffleboard, RV storage and exercise room.

The loan was rate locked in the midst of severe market upheaval and closed with an interest rate of 6.03%. The loan from a GSE also contained two 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 fifteen year relationship with this borrower.

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.