May 31, 2006
ROCHESTER, N.Y. - May 31, 2006
Anthony and Gerry DiMarco of Security Mortgage Group recently received MHI's Community Broker of the Year Award for 2006, given for the third year in a row in recognition of the tremendous resources they devote to the industry, bringing institutional capital to community owners nationwide.
A New York State manufactured housing portfolio recently received $906,750 in acquisition financing on a total of 92 home sites spread across 3 communities in Manchester, Middlesex, and Palmyra, New York. The loan featured streamlined underwriting and lender costs of less than $6,000 for the entire portfolio. In nearby Derry, New Hampshire, Bangs Mobile Home Park refinanced its 101 sites for $3,090,000 with a 10 year term and a 30 year amortization schedule.
Pinecrest Village Mobile Home Park of Shreveport, Louisiana secured $4,625,000 in acquisition financing on May 15, 2006. The community has 446 homesites and its loan was arranged with a 10 year term and a 30 year amortization schedule.
Asbury Pointe MH Community obtained $2,150,000 in refinancing with a 10-year term and a 30-year amortization schedule; the loan featured an advanced rate lock. The Warsaw, Kentucky community has 140 sites and offers its residents many recreational opportunities with two stocked fishing lakes.
Wagner MH Community closed on $1,700,000 in refinancing from Anthony DiMarco on April 28, 2006 with a 10 year term, 30 year amortization schedule, and lender's costs capped at $5,000. Its 145 sites are split across two communities in Evansville, Indiana.
Also, an undisclosed RV Campground in New England with several hundred sites received approximately $13,000,000 in permanent mortgage financing through Security Mortgage Group.
Security Mortgage Group is the premier national lending source for Manufactured Home Communities, having received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, and 2006 from the Manufactured Housing Institute.