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April 29, 2008

Monroe & Giordano Continue to Satisfy Existing Customers

Tampa, Florida—Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a Permanent Loan of $27,000,000 on Maplebrook Manufactured Home Community in Matteson, Illinois. The property, just west of Interstate 57, is approximately a one hour drive from central Chicago. This is the second time M&G has arranged financing for this property.

Maplebrook Manufactured Home Community contains 441 sites and began development in 1996. The Class A-5 Star age restricted community contains all double and triple wide homes on 145 acres. Each home has a free standing garage. The 100% occupied gated community surrounds several beautiful lakes. The landscaping is first class. Amenities include a clubhouse, shuffleboard, horseshoes and bocce ball.

The loan from a GSE (Fannie Mae) also contained two earnout provisions during the first seven years of the ten year loan term. The lender will increase the loan based on a reappraisal and DSC ratio. Monroe and Giordano were also successful in having the existing lender (Aegon) fully eliminate their substantial prepayment penalty which saved the borrower millions of dollars.

Monroe & Giordano also assisted with the loan assumption of Lake Hammock MHC on US 27 just South of I-4 in Haines City, FL. M&G were again able to utilize their relationships to help the buyer and seller with the transaction which included a substantial reduction in the assumption fee from the lender (Aegon).

J. Cary Monroe, Michael B. Giordano and Glenda Rice with over 65 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.