April 22, 2010

Monroe & Giordano Arrange $15,400,000 In MHC Loans

Tampa, Florida—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 through its national lending sources permanent loans totaling $15,400,000. The communities were Parkside Village Manufactured Home Community in Cheektowaga, NY and Anglers Cove/Anglers Cove West Manufactured Home Community in Lakeland, FL.

Anglers Cove and Anglers Cove West Manufactured Home Communities received GSE loans totaling $10,000,000. The properties, located off Reynolds Road in Lakeland, FL, are 5 star, age-restricted communities containing 340 sites on 115 acres. The 99% occupied communities were developed in 1983 and 1985. Amenities include numerous lakes, clubhouses, swimming pools, shuffleboard, and lake front boat slips.

This transaction represented a continuation of an eleven year relationship and is the 19th loan arranged by M&G for the borrower. This is also the second time M&G has provided financing for the two Anglers communities.

Along with Anglers, M&G closed a $5,400,000 GSE loan on Parkside Village Manufactured Home Community in Cheektowaga, NY. Parkside is a 100% occupied 5 star, age-restricted community containing 156 sites on 25.81 acres.

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 has proven it has the ability to provide its borrowers creative solutions based on each borrower’s unique needs.

Monroe & Giordano has offices in Tampa, Florida and may be reached at 813-229-5055.