2002 Transactions
Tremont Arranges $4,400,000
Financing for Two MHCs
The Annapolis office of Tremont Realty Capital, Inc. arranged
a permanent loan for the refinance of the Northern Pines
and Milton Knolls manufactured housing communities (MHC)
consisting of a total of 246 sites located in Ballston Spa,
New York.
John Chase, Senior Director with Tremont Realty
Capital arranged the $4,400,000 loan, which was funded through
a Midwest bank. The non-recourse financing provided for
roughly 80% loan to value with an interest rate below 7%.
The property was 93% occupied at the time of closing. According
to John Chase, "This loan accomplished several important
things for the borrower including open prepayment after
year 3, cash-out at closing and the ability to earn-out
$400,000 over the first 3 years of the loan term through
rent increases and lease-up."
For additional information on this transaction, please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
