Tremont Structures $5,250,000 Financing for Illinois MHC
The Chicago office of Tremont Realty Capital arranged financing for the refinance of Valley View Estates, a 234-site manufactured housing community located in Shiloh, Illinois.
Thomas Lorenzini, a Managing Director with Tremont, arranged the $5,250,000 loan, which was funded through a Fannie Mae DUS lender. The 9-year, non-recourse loan provided for roughly an 80% loan-to-value with a 5.86% interest rate. The property was 93% occupied at the time of closing. Amenities include a playground and a basketball court. According to Lorenzini, “Given Tremont’s successful track record with manufactured housing communities, we were able to ensure a smooth and timely closing for the borrower during this turbulent market.”
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