2005 Transactions
Tremont Structures $3,485,000
Permanent Loan for Oklahoma MHC
The
Chicago office of Tremont Realty Capital arranged a permanent
loan for the refinance of Santa Fe Manufactured Housing
Community. Santa Fe is a 145-homesite community located
on approximately 19 acres in Southeast Oklahoma City. Approximately
25% of the homes are rental homes. The property was originally
developed in 1973 and is a family-orientated property with
a clubhouse, swimming pool and playground area.
Thomas Lorenzini, Managing Director with Tremont,
arranged the 10-year, $1,500,000 non-recourse loan, which
provided for approximately an 80% loan-to-value. The property
was 95% occupied at the time of closing. According to Lorenzini,
"We were able to understand and underwrite a property
that is outperforming the market and provide equity recapture
for the borrower. In addition, we were able to get comfortable
with the home rental operation of the borrower and were
able to underwrite the associated income."
Lorenzini also arranged the $1,985,000 permanent
loan for the refinance of Edgewater Crossing in Cicero,
Indiana. Edgewater is a 109-homesite community located on
33 acres in Hamilton County. Homesites range in size from
6,000 to 8,000 SF and each home has a one or two car garage.
The 10-year, $1,985,000 non-recourse loan provided for approximately
80% loan-to-value. The property was 82% occupied at the
time of closing. The existing vacancy is due to lease up
of this predominately adult community. According to Lorenzini,
"We were able to understand the lease up nature of
the community and were able underwrite proforma improvements
in operations."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
