News

 

May 30, 2007

Monroe & Giordano Arrange $192 million in MHC Portfolio Financing

Tampa, Florida—Monroe & Giordano, a Tampa based mortgage company specializing in manufactured home communities nationwide, arranged financing for 6 Florida communities containing 3,118 sites in the total amount of $192,230,000. The following is a summary of the communities:

The Hamptons manufactured home community received a loan of $52,880,000 with the golf course not part of the collateral. The five-star, age-restricted community containing 829 sites located in Auburndale, FL, is situated on 480 acres. The 15-year-old community is connected to municipal utilities and contains an 18 hole golf course, 11,000SF clubhouse and many other first class amenities.

Courtly Manor in Hialeah Gardens, Florida received financing in the amount of $37,800,000. The 525-site, all-age community on 55 acres was started in 1970 and expanded in 1982. The occupancy for years has been 100%.

Palm Key Village manufactured home community received a loan of $11,270,000. The five-star, age-restricted community is located on 54.4 acres in Davenport, FL. The seven-year-old community contains 204 sites with a clubhouse/swimming pool.

Deerwood I & II manufactured home community in Orlando, Florida received a loan of $32,030,000. The 570-site, all-age community on 130 acres was started in 1990 and expanded in 1999. The occupancy is 100% and amenities include a clubhouse and two swimming pools.

Windmill Village manufactured home community on US 27 in Davenport, Florida received financing in the amount of $28,620,000. The loan was structured as a five year term with interest only payments. The five star, age-restricted, all-doublewide community was developed in 2001. The property contains 509 sites on 130 acres. Amenities include a clubhouse, swimming pool and shuffleboard.

The Ridge manufactured home community in Davenport, Florida will close when the existing loan becomes open to prepayment in August 2007. The loan on this 481-site, all-age property is $29,630,000.

J. Cary Monroe and Michael B. Giordano, with over 30 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.