News

 

June 19, 2006

Monroe & Giordano Arrange $26 Million in Land Lease Construction Financing

One of the first construction loans in the country by a national lender on a land lease community was arranged by Monroe & Giordano, a Tampa based mortgage company. The firm recently arranged through its national lending sources a construction loan of $26,500,000 on the proposed Sebastian Beach and Tennis Village in Sebastian, Florida. The property, in a prime location on US 1 with frontage on the Intercoastal Waterway, will contain 534 sites on 252 acres.

The creative loan structure was arranged for the borrower, who is a New York Stock Exchange listed REIT. The construction loan will be disbursed as construction is completed. The loan has a floating interest rate based on LIBOR until each phase is leased. Upon the lease up of a phase, the lender will reappraise the property and roll the completed phase from the floating rate into a long term fixed rate loan at 80% of the then appraised value.

Sebastian Beach and Tennis Village will contain modular housing on leased lots in the age-restricted community. Amenities will include the 25,000-square-foot Village Center with a grand ballroom and media center, swimming pool/spa, beach, fishing pier, cabana, sports bar, tennis club, game rooms, fitness center, wellness facility, boat and RV storage, and a nature preserve with hiking-biking and self guided nature trails.

J. Cary Monroe, Michael B. Giordano and Glenda Rice with over 45 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.