2003 Transactions

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Tremont Arranges $11,840,000 Financing for Maryland MHCs

The Annapolis office of Tremont Realty Capital arranged two first mortgage loans for the refinance of two manufactured housing communities: Chesapeake Estates of Thomasville, a 316-space community located in Thomasville, Pennsylvania and Chesapeake Mobile Court (shown below), a 196-space, 22-acre community located in Hanover, Maryland.

John Chase, a Senior Director with Tremont, arranged the $6,400,000 Thomasville loan and the $5,440,000 Hanover loan. Tremont structured ten-year fixed-rate loans, which provided for roughly 80% loans to values with 5.25% interest rates. The borrower was able to lock the interest rate at application thereby eliminating interest rate risk during the loans processing stage. According to John Chase, "Tremont was able to lock in a long term, low rate which provided the borrower with the ability to recapture a significant amount of equity."

For additional information on this transaction, please contact:

John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744