May 27, 2017

Georgia Manufactured Home Community Financed by Monroe & Giordano

Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a permanent loan of $9,225,000 on Stockbridge Acres MHC in Stockbridge, GA. Stockbridge is a suburb just Southwest of Atlanta, Georgia.

Stockbridge MHC is a 265 site 90% occupied community on city water/sewer, with 102 rent to own homes and 137 resident owned homes. The current owner acquired the property in the early 1980s and expanded it to the current site plan. They filled the sites and reached stabilization in the early 1990s but as the market for home financing dried up in the late 1990s and early 2000s, they began acquiring homes as they became available and rented them or sold on rent to own contracts which became the norm in the market. Over the last 2-3 years the demand has been strong and they haven’t purchased any homes and have maintained strong occupancy. The community is very nice with curved tree lined streets, curbs and gutters, street lights and large lots.

The borrower is a long time client of Monroe & Giordano and the long term, non recourse loan had an interest rate of 4.57% 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.