2003 Transactions
Tremont Arranges $1,520,000
Financing for Cottonwood Heights Manufactured Housing Community
The Chicago office of Tremont Realty Capital arranged financing
for the acquisition of the Cottonwood Heights Manufactured
Housing Community a 69-homesite property located in Cottonwood,
Arizona.
Tom Lorenzini, a Managing Director with Tremont,
arranged the $1,520,000 loan, which was funded through a
Midwest bank. The 5 year, non-recourse loan provided for
80% loan to value with a fixed rate of interest in the low
5% range while amortized over 30 years. The property was
98% occupied at the time of closing. According to Tom Lorenzini
"Tremont was able to meet the borrowers timing needs
required to effectuate a 1031 Exchange, by closing the loan
in just 40 days. In addition, the lender agreed to close
the loan without a survey and capped all closing costs at
only $9,500."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
