2006 Transactions
Tremont Arranges $4,250,000 Fannie Mae
Loan for MHC
The
Chicago office of Tremont Realty Capital arranged financing
for the refinancing of Oakwood MHC, a 215-site manufactured
housing community located in Kenosha, WI.
Tom Lorenzini, a Managing Director with Tremont,
arranged the $4,250,000 loan, which was funded through its
DUS Fannie Mae correspondent. The 5-year non-recourse loan
provided for roughly 50% loan-to-value with a 6.22% interest
rate amortized over 30 years. The property was 98% occupied
at the time of closing. According to Lorenzini, "Through
Tremont's DUS correspondence relationship, we were able
to structure a Fannie Mae loan which will allow for supplemental
financing in the event the borrower chooses to re-leverage
the property in the future. In addition, we were able to
structure a very favorable declining prepayment penalty
schedule to provide the borrower with maximum flexibility."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
