2005 Transactions
Tremont Structures $10,900,000
Term Loan for a Mobile Home Park in Alaska
The
Chicago office of Tremont Realty Capital arranged refinancing
of Manoogs Isle Mobile Home Park located in Anchorage, AK.
The property is located at the base of the Chugach Mountain
Range and a short drive from downtown Anchorage. It was
originally developed in 1976 and contains 364 homesites
and two rental apartments. In addition, amenities include
an on-site office, three baseball diamonds with dugouts
and an announcer's stand.
Thomas Lorenzini, Managing Director with Tremont, arranged
the 10-year, $10,900,000, non-recourse loan, which provided
for approximately 80% of the value. The loan was structured
to be interest-only for 2-years and then amortizing based
on a 30-year schedule thereafter. The property was 99% occupied
at the time of closing. According to Lorenzini, "Given
our familiarity with the marketplace we were able to quickly
close this transaction for Nodel and Associates based in
Detroit. This is the third manufactured housing community
we have financed in Anchorage in the last 6 months."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
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