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August 9, 2007

Monroe & Giordano Arrange $33 Million in Land Lease Community Financing

Monroe & Giordano, a Tampa-based mortgage company, arranged through its national lending sources, a Permanent Loan of $33 million on The Gardens manufactured home community in Parrish, Florida. The property, just outside Bradenton, is in a prime location on US Highway 301 North just off Interstate 75.

The loan was rate-locked before the market upheaval, and closed with an interest rate of 5.9%. The loan also contained two earnout provisions during the first seven years of the ten-year loan term. The lender will increase the loan based on a reappraisal.

The Gardens is a 650-site, 5-star, age-restricted community containing all double- and triple-wide homes on 140 acres. The sites surround several beautiful lakes and the landscaping is first-class. Amenities include a 12,698-square-foot clubhouse, swimming pool, Jacuzzi, and tennis courts.

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.