2004 Transactions
Tremont Arranges $9,150,000
Financing for Manufactured Housing Community
The
Chicago office of Tremont Realty Capital structured financing
for the acquisition of Rainbow Lake Manor, a 250-site manufactured
housing community located in Bristol, Wisconsin, just North
of the Illinois-Wisconsin border.
Tom Lorenzini, a Managing Director with Tremont,
arranged the $9,150,000 loan, which was funded through a
New York based conduit. The 10-year, non-recourse loan provided
for approximately 80% of the purchase price with a mid 5%
interest rate. The property was 95% occupied at the time
of closing. In addition, this top quality age-restricted
community has approval for an additional 56 homesites. According
to Tom Lorenzini, "Tremont was able to meet the borrowers
timing needs to close the transaction within 45 days of
accepting the loan application. Given that this property
was purchased at auction, timing was critical with no room
for error."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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