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July 16, 2012

Monroe & Giordano Arrange $8,422,000 Financing on Florida Manufactured Home Community

Monroe & Giordano, a Tampa based Mortgage Company, arranged through its national lending sources, a permanent loan of $8,422,000 on Winter Haven Oaks Manufactured Home Community in Winter Haven, Florida. This is the second time M&G has financed this community and M&G has a long standing relationship with this borrower.

Winter Haven Oaks Manufactured Home Community is a 4 star Retirement Community on Spirit Lake Road with several lakes on the site. The community was built in phases since 1986 on 86 acres. It contains 343 sites with approximately 89 sites left to fill in the final Phase. All homes are doublewide. Density is a very low at 4.02 sites per acre. Water and Sewer are municipal and are not included in the rent. Amenities include two clubhouses with exercise room, two swimming pools, spa, tennis courts, RV Storage, shuffleboard along with a nature trail.

The loan was rate locked and closed with a GSE at a fixed interest rate of 4.18% for 10 years amortized over 30 years. After the first year, the borrower may obtain additional supplemental funding for increased occupancy and increased net income.

J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 60 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.