2002 Transactions

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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