News

 

August 12, 2009

Monroe & Giordano: Open For Business

Tampa, Florida—Award winning financiers of Manufactured Home Communities and other specialty properties, Monroe & Giordano, is "Open for Business". In the last 60 days, 18 million dollars in loans have been arranged by M&G from its stable of national lenders. Thus, in spite of the economic conditions; Monroe & Giordano are successfully finding money sources for it's clients and closing transactions.

Well known Venture Lakes Manufactured Home Community in Punta Gorda, Florida was refinanced in the amount of 9 million dollars. This 5 star community was featured in network news as a community that lost no homes when Hurricane Charlie passed directly overhead. All the multi section homes were built to withstand winds of 150 miles per hour. The tie-downs were also the latest in technology which held the homes firmly in place. The 273 site, 55+ manufactured housing community is located at 27110 Jones Loop Road within a mile of an Interstate 75 entrance/exit ramp. The 84 acre property is currently 100% occupied and it is served by county water and sewer. Amenities include a 7,000 square foot clubhouse, swimming pool, tennis courts, shuffleboard courts, miniature golf course, lake with a dock, exercise room, spa, library, pool table, card room and RV storage. The gated community is located close to the CM Webb Wildlife Management Area. The non-recourse, 10 year loan amortized over 30 years was obtained through Monroe & Giordano's long standing correspondency with a GSE lender. Monroe & Giordano also assisted in the negotiations to reduce the prior lenders prepayment penalty which helped facilitate the transaction.

Monroe & Giordano followed its Ventura Lakes closing by arranging financing in the amount of 9 million dollars for Lamplighter on the River Manufactured Home Community. Located in Tampa, Florida, the 60 acre Lamplighter on the River fronts on the Hillsborough River on the West and the pin corner of I-75 and Fowler Avenue to the North and East. The 425 site, all age property has city water and an onsite waste water treatment plant. Amenities include a 3,500 square foot clubhouse, swimming pool, children’s swimming pool, spa, tennis courts, shuffleboard courts, basketball court, playground, horseshoe pit, RV storage and a fishing dock on the river. The community is approximately 90% occupied and is conveniently located near the University of South Florida, Busch Gardens, Adventure Island and the Lowry Park Zoo. A local bank provided the 10 year loan amortized over 20 years.

Monroe & Giordano has offices in Tampa, Florida and may be reached at 813-229-5055 or www.monroe-giordano.com.