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August 15, 2007

Monroe & Giordano Arrange $31 Million in MHC Financing

Tampa, Florida—Monroe & Giordano, a Tampa-based mortgage company specializing in manufactured home communities nationwide, arranged financing for 8 communities containing 2,004 sites in the total amount just over $31,000,000. The following is a summary of the communities:

Treasure Isle Estates Manufactured Home Community received a loan of $3,400,000 on a long term ground lease. The four star age restricted community containing 140 sites located in Port Orange, FL, is situated on 24.63 acres. The 36 year old community is connected to municipal utilities and includes a clubhouse and many other first class amenities.

Southwind Village Manor in North Ft. Myers, Florida received financing in the amount of $1,657,500. The 76 site, age restricted community on 10 acres in 23 years old. There are some RV's on site.

Sterling Manufactured Home Community received a loan of $ 9,430,000. The three star age restricted community is located on 40 acres in Lakeland, FL. The forty year old community contains 340 sites with a clubhouse/swimming pool.

Trailswest Manufactured Home Community in Las Cruces, New Mexico received a loan of $9,110,000 with earnouts. The 440 site, age restricted 5 star community on 10 acres is currently filling. Amenities include a clubhouse, tennis court and two swimming pools.

Lake Josephine RV Resort and Manufactured Home Community on US 27 in Sebring, Florida received financing in the amount of $1,300,000. The loan was structured as a five year term with no prepayment penalties. The three star, age-restricted community contains 20 manufactured homes, 155 RV sites, 2 apartments, cottage and an on site store.

El Camba Manufactured Home Community in Lakeland, Florida containing 91 manufactured homes and 10 RV's received a loan of $1,700,000.

Sun Lake Estates Manufactured Home Community in Cocoa, Florida received a loan of $3,160,000. The three star all age community is located on 32.6 is 50/50 double and single wide homes. The thirty year old community contains 187 sites.

Whispering Pines RV Resort and Manufactured Home Community on in Sebring, Florida received financing in the amount of $1,250,000. The loan was structured as a five year term with no prepayment penalties. The three star, age-restricted community contains 74 manufactured homes and 176 RV sites along with nice amenities.

J. Cary Monroe and Michael B. Giordano, with over 35 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.