2004 Transactions

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Tremont Structures $2,520,000 Loan For New York Manufactured Housing Community

The Annapolis office of Tremont Realty Capital recently arranged permanent financing for the refinance of three manufactured housing communities within 10 miles of each other in the state of New York. The three properties are comprised of 144 manufactured housing sites.

John Chase, a Senior Director with Tremont, placed the $2,520,000 loan, which was funded through a conduit lender. The 10-year, non-recourse loan provided for roughly an 80% loan to value with a 5.35% interest rate. According to Chase, "The borrower had three older mobile home parks within a 10 mile radius of each other. He wanted to pool them together and recapture as much equity as possible by placing long-term debt at a low cost. Tremont was able to structure a transaction that exceeded the borrower's expectations."

For additional information on this transaction, please contact:

John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744