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April 2, 2012

Monroe & Giordano Arrange $7,500,000 Financing on Florida Manufactured Home Community

Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a permanent loan of $7,500,000 on Little Manatee Springs Manufactured Home Community in Wimauma , Florida. The community is located near Sun City Center, South East of Tampa and is considered to be in the Tampa, FL SMSA. This is the second time M&G has financed the community.

Little Manatee Springs Manufactured Home Community is a 5 star Retirement Community on the Little Manatee River. Built in phases since 1984 on 63 acres, contains 265 sites with approximately 224 double wide homes. Density is a very low at 4.2 sites per acre. Water and Sewer are private and provided by an onsite water and sewer plant. Amenities include a clubhouse with exercise room, swimming pool, tennis courts, RV Storage, shuffleboard along with a 9 hole chip and putt golf course maintained by the residents.

The loan was rate locked and closed with a GSE at a fixed interest rate of 4.48% for 10 years amortized over 30 years. This transaction enabled one of America's premier MHC owners to purchase the property.

J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 60 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.