2005 Transactions
Tremont Arranges $8,600,000
Permanent Financing for Maine MHCs
The
Maryland office of Tremont Realty Capital arranged financing
for the refinance of Maplewood and Merrymeeting Manufactured
Housing Communities in Brunswick, Maine. Together the communities
contain 342 sites and 110 acres.
John Chase, a Senior Director with Tremont,
arranged the $8,600,000, 10-year, non-recourse loan, which
provided for approximately 80% of the value. The properties
were 95% occupied at the time of closing. According to John
Chase, "The borrower acquired the asset only a year
prior to refinancing. Still Tremont was able to convince
the conduit lender to underwrite NOI on a going forward
basis. This represented an income four times higher than
that of the prior year. The benefit to the borrower was
that they were able to recapitalize their investment in
a short period of time."
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
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