June 20, 2011

Monroe & Giordano Arrange $12,500,000 in MHC Financing

Tampa, Florida—Monroe & Giordano, a Tampa-based mortgage company specializing in financing Manufactured Home Communities nationwide, arranged financing for three communities containing 477 sites in the total amount of $12,500,000. The following is a summary of the communities:

The Villages of Ponce de Leon Manufactured Home Community received an acquisition loan of $5,800,000. Located on U.S. Hwy. 1 in Melbourne, Florida, the community has unique water frontage on the Indian River Bay and Intracoastal Waterway. The purchaser and seller formed a new joint venture. The four-star, age-restricted community contained 112 sites and is situated on 14 acres. The age-restricted community containing all doublewides was built in 1976 and rebuilt in 2004. The GSE loan had an interest rate below 6% with a 10-year term. The community is connected to municipal utilities, and includes a clubhouse and many other first-class amenities.

Thunderbird Hill South Manufactured Home Community in Sebring, Florida, received financing in the amount of $1,500,000. The community is 5-star, age-restricted, contains 95 sites on 10 acres, and is 20 years old. All homes are doublewide, and trash collection and lawn mowing are included in the rent. The same week of the closing, the owners—originally from England—became U.S. citizens.

Palm Haven Manufactured Home Community was refinanced with a conduit loan of $5,200,000. The three-star, age-restricted community is located on 150 acres in St. Petersburg, Florida. The 40-year-old community contains 270 sites on 15 acres, with a clubhouse/swimming pool. This is the second loan provided to Palm Haven by M&G in the last 5 years.

J. Cary Monroe and Michael B. Giordano, 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 812-229-5055.