August 9, 2012

Monroe & Giordano Strike Again! Golf Community Loans of $46,160,000

Monroe & Giordano, located in Tampa, Florida, the nations oldest, independently owned and operated mortgage banking firm specializing in Manufactured Housing Community financing, recently arranged financing on Swiss Golf and Tennis Club/Hidden Golf Club Oaks MHC in Winter Haven, Florida. The borrower received long term fixed rate financing in the amount of $46,160,000

This transaction represented a continuation of a fifteen? year relationship and is the 56th? loan arranged by M&G for the borrower. This is also the second time M&G has provided financing for Swiss Golf and Tennis Club and Hidden Golf Club Manufactured Home Communities.

Swiss Golf and Tennis Club and Hidden Golf Club Oaks Manufactured Home Community are 5 star Retirement Communities situated contigiously on 900 acre Lake Henry. The communities were built in 3 phases from 1985 to 1990. They have a very low desity of 2.35 units per acre on its 405 acres. Swiss Golf contains 610 and Hidden Golf contains 341 sites. They majority of homes are doublewide- 610 and 341 are good quality single wide. Amenities include two clubhouses, 2 swimming pools with spas, 20 tennis courts, 24 shuffleboard courts, 27 hole golf course with pro shop, laundry, RV storage, 900 acre Lake Henry with boat slips.

The loan was rate locked and closed with a GSE at a fixed interest rate 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.