2005 Transactions

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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