2001 Transactions
Tremont Arranges $18,725,000
in Acquisition Financing
The Chicago office of Tremont Realty Capital, Inc. arranged
financing for the acquisition of seven manufactured housing
communities located throughout Wisconsin. The financing
was structured as two separate transactions and was closed
and funded within 53 days of the borrower executing the
loan applications Tremont arranged the $7,925,000 and $10,800,000
loans, for an affiliate of Asset Development Group, Inc.
of Milwaukee, Wisconsin. The financing provided non-recourse,
ten-year fixed rate debt at an interest rate in the mid
7% range. The $7,925,000 loan was used to acquire the Rockvale
Manufactured Housing Community in Janesville, Wisconsin.
The $10,800,000 loan was used to acquire a portfolio of
six properties comprised of Greenleaf MHC in Greenleaf,
Colonial Gardens in Schofield, Hilbert MHC in Hilbert, Parkview
MHC in Clintonville along with Edison Estates and Lakeview
MHC both in Oshkosh. These high quality communities contain
a total of 1,122 home sites with related amenities and average
a combined occupancy of over 97%. "We provided a custom
package for the borrower" explained Tom Lorenzini,
Managing Director. "We were able to structure two different
transactions which allowed the borrower to benefit from
the economies of scale of a portfolio financing while allowing
flexibility to release some of the assets in the event of
a sale or refinance".
"Our firm has a very successful track
record with Lorenzini and his ability to get transactions
closed," said Richard J. Rand, president of Asset Development
Group. "We couldn't be more pleased with the responsiveness
of Tremont." The seller of the properties was an affiliate
of First Financial Realty based in Wisconsin. Asset Development
Group had previously acquired over 1,500 sites from the
seller only a year ago. The current acquisitions involved
all the remaining communities of First Financial. Asset
Development Group is now the largest community owner in
the state of Wisconsin and one of the top 25 operators in
the country with over 6,000 home sites.
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
