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May 20, 2017

Pennsylvania Manufactured Home Community Financed by Monroe & Giordano

Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a permanent loan of $5,407,000 on Quiet Acres MHC in Sellersville, PA. Sellersville is a small historical community located 30 miles NNE of Philadelphia and 20 miles SSW of Allentown.

The property is a 116 site class A 55+ manufactured home community situated on 36 wooded acres. The community was originally developed in 1958 and expanded by the sponsor in 1990 to the current 116 sites and has remained at or near 100% occupancy for decades. The owners have been purchasing older homes in the community as they come up for sale and replace them with new stock that sells very quickly.

Quiet Acres is a class-A manufactured home community with mostly newer double section homes, many of which include 2 car garages and large yards. Streets are all wide and curved asphalt in great condition with curbs and sidewalks, great street lightning and mature trees throughout. Amenities include a clubhouse and numerous green spaces. Homes in the community are in high demand with resales trading at $90k and up. Over the past 5-7 years the owners have focused on upgrading the homes in the community by purchasing older homes as they become available, and replacing with brand new higher end homes that sell very quickly. New homes sell for well over $100k.

The borrower is a long time client of Monroe & Giordano and the non recourse loan had an interest rate of 4.63% with a 10 year term amortized over 30 years.

J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 80 years of 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 813-229-5055.