2003 Transactions
Tremont Arranges $20,700,000
Financing for New Mexico Manufactured Housing Community
Portfolio
The
Chicago office of Tremont Realty Capital arranged financing
for the acquisition of five manufactured housing communities
containing over 1,200 homesites located in Albuquerque,
New Mexico.
Tom Lorenzini, a Managing Director with Tremont,
arranged the five loans totaling $20,700,000 on behalf of
Nodel and Associates, an active buyer of manufactured housing
communities throughout the country. The five communities
included Aztec Village, Longview MHC, South Pointe Village,
Tierra West and Village Park. The non-recourse, fixed rate
financing, which was funded through a national conduit lender
with whom both Tremont and Nodel have a long-standing relationship.
The 10-year, non-recourse loan provided for 80% loan-to-cost
with a mid 5% interest rate, as well as, an initial period
of interest only for two years. The properties ranged from
50% to 80% occupancy at the time of closing. According to
Lorenzini, "Tremont was able to structure a very competitive
financing package despite the fact that the market has softened
dramatically over the last few years."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
