2003 Transactions
Tremont Arranges $5,720,000
Financing for Minnesota Manufactured Housing Community
The Chicago office of Tremont Realty Capital arranged financing
for the refinance of the Three Rivers Manufactured Home
Community, a 333- site property located in Hastings, Minnesota.
Tom Lorenzini, a Managing Director at Tremont,
arranged the $5,720,000 loan, which was funded through a
Midwest savings institution. The 7-year, non-recourse loan
provided for roughly 60% loan to value with a floating rate
of interest initially set at approximately 3.5%. This institutional
quality property was fully occupied at the time of closing.
According to Lorenzini, "The borrower was an existing
client for whom we were able to restructure the existing
financing to take advantage of today's low interest rates
while at the same time extending the maturity of the loan
and providing extremely flexible prepayment options"
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
