2003 Transactions

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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