Tremont Realty Capital: Representative Transactions

	Tremont Arranges $17,915,000 Refinancing of Four Manufactured Home Communities The Chicago office of Tremont Realty Capital arranged four separate financings totaling $17,915,000 for four manufactured home communities located in the Midwest. Tom Lorenzini, Managing Director, arranged the four 10-year, non-recourse fixed rate loans. The properties included Rolling Hills (Massillon, OH), Cottage Grove (Cottage Grove, MN), Island Grove (DeMotte, IN) and Heritage North (Columbus, IN). All of the properties feature various amenities, including outdoor recreation areas, swimming pools, basketball courts and clubhouses. According to Lorenzini, “We were able to secure permanent non-recourse financing for four quality assets with occupancies ranging from 55% to 99%, while at the same time provide some prepayment flexibility and equity recapture to the sponsor. Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures JV Equity on $46 Million Apartment Acquisition The Boston office of Tremont Realty Capital arranged the Joint Venture Equity for the $46 million purchase of the Falcon Crest Apartments in Owings Mill, Maryland. David Ross, Managing Director, arranged the JV equity, which was funded through a private investment firm. The property was over 90% occupied at the time of closing. Amenities include a resident clubroom, fitness center, business center, and an outdoor swim club. According to Ross, “The sponsor and investor were delighted to close on the Falcon Crest transaction, further expanding the relationship Tremont arranged. This is the latest of multiple multifamily transactions they have done together.” David Ross - Managing Director Email: dross@tremontcapital.com Phone: 617.867.0700 x773

	Tremont Structures $11,100,000 Financing for MHC/RV Properties The Chicago office of Tremont Realty Capital arranged for the refinancing of four MHC/RV communities: The Homestead and Homestead Ranch in McAllen, Texas and Leisure World & Trails End in Weslaco, Texas. Tom Lorenzini, Managing Director, arranged the two non-recourse loans, totaling $11.1 million. Both 10-year, fixed rate loans provided for roughly 70% loan to value, amortized over 30 years, and were funded through a relationship CMBS lender. Leisure World is an age-restricted community with 198 manufactured home sites and 144 RV sites. Trail’s End is a family-orientated community with 280 manufactured home sites and 82 recreational vehicle sites. Both properties are well leased and offer a host of amenities, such as clubhouses, swimming pools, shuffleboard courts and playgrounds, to both the permanent and seasonal residents,. The Homestead has 99 manufactured home sites and 53 RV sites, and Homestead Ranch is comprised of 119 manufactured home sites and 18 RV sites. Both communities cater to families and are well leased. According to Lorenzini, “Tremont was able to fully understand the seasonality component of the RV income and to structure best in market loans for our clients.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $2,345,000 Financing for the Purchase of Vista West MHC The Chicago office of Tremont Realty Capital arranged financing for the purchase of Vista West, a 184-space manufactured home community located in Odessa, Texas. Tom Lorenzini, Managing Director, arranged the $2,345,000 loan, which was funded through a relationship CMBS lender. The 10 year, non-recourse loan provided for approximately 75% loan to cost. The property was 95% occupied at the time of closing. Amenities include an office, clubhouse, swimming pool, tennis court and playground. Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $2.3 Million for Red Hill Estates The Annapolis office of Tremont Realty Capital arranged the debt for the refinance of Red Hill Estates, a 61-lot MHP located in Red Hill, Pennsylvania. John Chase, Senior Director, arranged the $2,345,000 loan which was funded by a private investment firm. The 10-year, fixed-rate loan provided for roughly 70% loan to value with a 4.62% interest rate. According to Chase, “Through Tremont’s close relationship with the lender, we were able to leverage a small mobile home park with an aggressive Fannie Mae loan structure that provided a competitive long-term interest rate on a non-recourse basis with cash out.” John Chase - Senior Director Email: jchase@tremontcapital.com Phone: 410.604.1744

	Tremont Structures $5.9 Million for Taylors Creek The Annapolis office of Tremont Realty Capital arranged financing for the refinance of Taylor’s Creek, a 298-pad MHP located in North Carolina. John Chase, Senior Director, arranged the $5,900,000 loan, which was funded by a private investment firm. The 10-year, non-recourse loan will be amortized over 30 years and provided for roughly 70% loan to value and had an interest rate of 5.18%. At the time of closing, the park had 80% park- owned rental homes. According to Chase, “Historically, parks with over 15-20% park-owned homes could not access the aggressive terms available to the national capital markets. As evidenced with this transaction, that is no longer the case.” John Chase - Senior Director Email: jchase@tremontcapital.com Phone: 410.604.1744

	Tremont Structures $9.5 Million for Bay Bridge Estates MHC The Annapolis office of Tremont Realty Capital arranged the debt for the refinance of Bay Bridge Estates, a manufactured home community located in Brunswick, Maine. The 493-site manufactured home community features water views, as well as RV and boat storage. John Chase, Senior Director, arranged the $9,500,000 loan which was funded by a private investment firm. The 10 year, non-recourse loan provided for roughly 70% loan to value with a 5.18% interest rate. The property was 83.5% occupied at the time of closing. According to Chase, “The sponsor was able to lock in a low interest rate for 10 years with a 30-year amortization, as well as recapture approximately $2,800,000 of equity.” John Chase - Senior Director Email: jchase@tremontcapital.com Phone: 410.604.1744

	Tremont Structures $22 Million JV Equity & Debt for Metro at Wilmington Station The Boston office of Tremont Realty Capital secured the capital for the acquisition and development of Metro at Wilmington Station, a 108-unit transit oriented multi-family development located in the suburbs of Boston, Massachusetts. Dennis Walsh, Senior Director with Tremont, advised on the $22,000,000 investment, including the original land acquisition. The development financing was funded in part by an institutional equity investor as well as a local bank. The combination of debt and equity provided for approximately 98% of total development costs. Walsh said, “We assisted in the land acquisition; and while plans and final permits were being done, we were successful in arranging competitively priced debt and equity for our client. The favored product type, excellent location, and strong sponsorship were all factors in making this an attractive opportunity.” Dennis Walsh - Senior Director Email: dwalsh@tremontcapital.com Phone: 617.867.0700 x782

	Tremont Structures $1.6 Million Financing for Stocks Creek MHC The Chicago office of Tremont Realty Capital arranged the financing for the discounted payoff of the $2.4 million loan for Stocks Creek MHC, a 148-site manufactured housing community located in Port Huron, Michigan. Tom Lorenzini, a Managing Director with Tremont, arranged the $1,600,000 loan, which was funded through a relationship hard money lender. The bridge loan provided for roughly 90% of the DPO. The property was 70% leased at the time of closing with positive cash flow over the existing debt. According to Lorenzini, “The borrower had the opportunity to receive a DPO of a $2.4 MM loan to $1.8 MM provided he could meet the lenders timing to close. While the lender was under duress, the property was not, which allowed all parties to get comfortable with the quick close. We were able to close within three weeks of first reviewing the deal.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $3.68 Million Financing for Autumn Oaks MHC The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Autumn Oaks, a 176-site manufactured housing community located in Winston Salem, North Carolina. Tom Lorenzini, a Managing Director with Tremont, arranged the $3,680,000 fixed-rate loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 75% loan to cost including 30 rental homes with a 6% interest rate. The property was 85% leased at the time of closing. Developed in 1998, amenities include a children’s playground, a clubhouse, a pool and a sun deck. According to Lorenzini, “While many lenders shy away from communities with rental homes, we were able to include the rental home income to satisfy the debt coverage tests.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $3.4 Million Financing for Homestead Village MHC The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Homestead Village, a 175-site manufactured housing community located in Raleigh, North Carolina. Tom Lorenzini, a Managing Director with Tremont, arranged the $3,440,000 fixed-rate loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 72% loan to value with a 6% interest rate. The property was 95% leased at the time of closing. Amenities include a community office building and a children’s playground. According to Lorenzini, "This was our third deal in this particular market over the last few months, which allowed us to move extremely quickly and meet the borrower’s tight time frame for closing." Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $4.9 Million Financing for Cottage Cove MHC The Chicago office of Tremont Realty Capital arranged the debt financing for the acquisition of Cottage Cove, a 206-site manufactured housing community located in Kannapolis, North Carolina. Tom Lorenzini, a Managing Director with Tremont, arranged the $4,879,000 loan, which was funded through a conduit lender relationship. The 10-year, non-recourse loan provided for approximately 76% loan to cost including over 100 rental homes with a 6% interest rate. The property was 95% leased at the time of closing. Amenities include a community office and playground. According to Lorenzini, “Given the high quality of the community and the homes, we were able to include the 100+ homes in the purchase price and include the income to satisfy the debt coverage tests.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $3.9 Million Financing for Royal Highlander MHC The Chicago office of Tremont Realty Capital arranged the debt refinancing of Royal Highlander, a 280-site manufactured housing community located in Peoria, Illinois. Tom Lorenzini, a Managing Director with Tremont, arranged the $3,888,500 loan, which was funded through a relationship CMBS lender. The five year, non-recourse fixed rate loan provided for a 70% loan to value with a low 6% interest rate. The property was 80% occupied at the time of closing. Amenities include a clubhouse, an office and a children’s playground. According to Tom Lorenzini, “We were able meet the borrower’s tight timing needs by closing within 4 days of loan commitment.“ Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $11 Million Financing for Penland Park Manufactured Housing Community The Chicago office of Tremont Realty Capital arranged the debt refinancing of Penland Park MHC, a 389-site manufactured housing community located in Anchorage, Alaska. Tom Lorenzini, a Managing Director with Tremont, arranged the $11 million fixed-rate loan, which was funded by a commercial real estate lender. The 10-year term loan has a 30-year amortization schedule and is non-recourse. The loan provided for roughly 72% loan to value with a 6% interest rate. The property was 93% occupied at the time of closing and has a long history of stable cash flow. According to Lorenzini, “We were able to close this loan, which included the recapture of imputed equity, in less than 48 hours after commitment in a very turbulent market.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $11,050,000 Financing for Southwood Manor Manufactured Housing Community The Chicago office of Tremont Realty Capital arranged the debt refinancing of Southwood Manor MHC, a 417-site manufactured housing community located in Anchorage, Alaska. Tom Lorenzini, a Managing Director with Tremont, arranged the $11,050,000 fixed-rate loan, which was funded through a relationship CMBS lender. The 10-year term loan has a 30-year amortization schedule and is non-recourse. The loan provided for roughly 72% loan to value with a 6% interest rate. The property was 97% occupied at the time of closing. The borrower, Nodel and Associates, is a long term client of Lorenzini, and is the largest manufactured housing community owner/operator in the state of Alaska. According to Lorenzini, “We were able to fund this loan within 48 hours of receiving loan approval in a very turbulent market.” Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures Joint Venture Equity Investment for the $3,300,000 acquisition of Pratt Homes The Boston office of Tremont Realty Capital arranged the joint venture equity investment for our clients’ acquisition of Pratt Homes, a 45-unit elderly-housing, multifamily property located in New Hampshire. David Ross, a Managing Director with Tremont, arranged the equity investment, which was funded by a boutique equity fund. The transaction was the second equity deal between the two parties. According to David Ross, “Both the sponsor and the investor were delighted that they have been able to consummate multiple transactions together and look forward to many more.” David Ross - Managing Director Email: dross@tremontcapital.com Phone: 617.867.0700 x773

	Tremont Structures Joint Venture Equity Investment for the $21,000,000 Acquisition of Waterford at Cypress Lake The Boston office of Tremont Realty Capital arranged a joint venture equity investment for our clients’ acquisition of Waterford at Cypress Lake, a 450 unit multifamily property located in Tampa, Florida. David Ross, a Managing Director with Tremont, arranged the equity investment, which was made by a boutique equity fund. Tremont introduced the sponsor to the equity fund and advised the sponsor on the joint venture terms and structure. According to David Ross, “The sponsor is thrilled with their new partner and looks forward to closing more transactions with them.” David Ross - Managing Director Email: dross@tremontcapital.com Phone: 617.867.0700 x773

	Tremont Structures $4,500,000 Financing for Wisconsin Manufactured Housing Community The Chicago office of Tremont Realty Capital structured financing for the refinance of Oakwood MHC, a 215-unit manufactured housing community located in Kenosha, WI. Tom Lorenzini, a Managing Director with Tremont, arranged the $4,500,000 loan, which was funded through one of Tremont’s correspondent relationships. The five year non-recourse loan provided for roughly 63% loan-to-value with a 5.25% interest rate. 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 despite the challenging capital markets. Tom Lorenzini - Managing Director Email: tlorenzini@tremontcapital.com Phone: 312.236.0960

	Tremont Structures $14,500,000 Financing for MHC The Annapolis office of Tremont Realty Capital structured financing for the refinance of MacLeod’s MHC, a 376-unit manufactured housing community located in Riverhead, NY. John Chase, a Senior Director with Tremont, arranged the $14,500,000 loan, which was funded through one of Tremont’s correspondent relationships. The 10 year loan provided for roughly 65% loan-to-value with a 5.95% interest rate. According to Chase, “The sponsor and Tremont’s correspondent were able to work through issues related to 346 buried heating oil tanks and still able to provide a timely funding that provided a non-recourse loan with equity recapture.” John Chase - Senior Director Email: jchase@tremontcapital.com Phone: 410.604.1744

	Additional Transactions Tremont Advises on $20,500,000 Sale of Florida MHC Tremont Structures 90% LTC $5,000,000 Revolving Line of Credit for Tax Lien Acquisitions Tremont Structures $4,749,500 Bedford Office Financing Tremont Advises on $74,350,000 Note Sale Tremont Acquires $42,500,000 Bridge Loan from a National Lender Tremont Structures $3,400,000 Financing for Texas Multifamily More...