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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































 


 
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