2003 Transactions
Tremont Arranges $10,450,000
Financing for Virginia Manufactured Housing Community
The
Annapolis office of Tremont Realty Capital arranged financing
for the refinance of County View Mobile Home Park, a 464-space
manufactured housing community located in Virginia Beach,
Virginia.
John Chase, a Senior Director with Tremont,
arranged the $10,450,000 loan, which was funded through
a Wall Street conduit lender. The 10-year, non-recourse
loan provided for roughly 80% loan to value with a 5.5%
interest rate. The property was 97% occupied at the time
of closing. Amenities include a location 2 miles from the
Atlantic Ocean. According to John Chase, "We were able
to structure an aggressive fixed rate deal with significant
equity recapture on the park, which was originally developed
in the early 1960s". An amenity of the property is
the location, just two miles from the Atlantic Ocean.
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
