2002 Transactions
Tremont Arranges $6,725,000
in Acquisition Financing
The
Chicago office of Tremont Realty Capital, Inc. arranged
financing for the acquisition of two manufactured housing
communities located in Wisconsin. The financing was closed
and funded within 40 days of the borrower executing the
loan application.
Tom Lorenzini of Tremont arranged the $6,725,000
loan, for an affiliate of Asset Development Group, Inc.
of Milwaukee, Wisconsin. The interim financing provided
for no prepayment penalties and allowed for secondary financing
provided by one of the sellers. Two separate communities
were acquired: Lannon Estates in Lannon, Wisconsin and Oak
Ridge Mobile Community in Ft. Atkinson, Wisconsin. Lannon
Estates is a high quality 166-site community built in two
distinct phases during the 1970's and 1990's. The 90% occupied
community is situated on approximately 48 acres with limited
amenities. Oak Ridge is a 128-site five star community built
in phases since the mid 1970's and is located on approximately
103 acres. An additional 47 homesites remain to be developed
at Oak Ridge. Oak Ridge is currently 100% leased.
"We provided a very flexible financing
package for the borrower" explained Tom Lorenzini,
Managing Director. "By allowing for the secondary financing
we provided a unique financing package for the client. In
addition, we were able to structure a loan which could be
paid off in full or in part at anytime which will allow
the client to refinance in the future as the properties
are expanded and value is increased".
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."
Asset Development Group is the largest community owner in
the state of Wisconsin and one of the top 25 operators in
the country with over 6,400 home sites.
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
