2005 Transactions
Tremont Structures $4,600,000
Permanent Financing for Michigan MHCs
Tremont
Realty Capital arranged refinancing for two Midwest Manufactured
Housing Communities.
The first property, called Port of Call Manufactured
Housing Community located in Port Huron, MI, is improved
with a 146-site mobile home park, and was built in two phases
of 81 and 65 sites, respectively. One of the 146 sites is
used as the community office, with the remaining 145 sites
available for lease by the residents. Phase 1 was built
in 1993 and Phase II was built in 1994-95. Thomas Lorenzini,
a Managing Director with Tremont's Chicago office, arranged
the 10-year, $3,100,000, non-recourse loan, which provided
for approximately 80% of the value. The property was 87%
occupied at the time of closing.
Lorenzini also arranged the refinancing for
the second property, Lake Bluff Oaks Manufactured Housing
Community. The property is located in Oakwood, IL, which
is 120 miles south of Chicago, in Vermilion County. Built
in 1974, the community has 123 home sites and covers 21
acres. The 10-year, $1,550,000 loan had a 30-year amortization,
which provided for approximately 80% of the value and the
property was 97% occupied at the time of closing. According
to Lorenzini, "Tremont was able to structure a loan
with relatively limited closing costs and was able to facilitate
a quick closing. As predicted the asset continues to boast
strong occupancy levels."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
