2004 Transactions
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
