February 1, 2007
ROCHESTER, N.Y. - February 1, 2007
Security Mortgage Group closed loans for 9 properties in January 2007 with the cumulative financing totaling $55 million. Acquisition financing for McClenathan Mobile Home Park of Fredonia, New York was secured on January 5, 2007 for a returning client. The loan for the 161 site park was arranged with a 4-2-0 step down prepayment structure, which means that after 24 months, there is no prepayment penalty. The loan also featured a 60-day advance rate lock and lender's costs capped at $5,500.
Harbor Run Apartments acquired $12,550,000 in acquisition financing with three years of interest only. The loan closed on January 4, 2007 for the 280-unit facility in Mentor, Ohio. Holland Garden Apartments of Brookpark, Ohio closed on $3,915,000 in acquisition financing on December 23, 2006. The 136 unit complex was financed at 90% loan to value, with a 10 year term and a 30 year amortization schedule.
Financing of $4,130,000 was also arranged for the 168 unit Winchester Woods Apartments in Fort Wayne, Indiana. The loan was structured with a long term fixed interest rate and a 30 year amortization schedule.
Gypsum Mills Manufactured Home Community in Victor, New York obtained $20,000,000 in refinancing on January 8, 2007. The five star community has 24 hour onsite management for its 562 sites. Its amenities include tennis, bocce, and basketball courts, a heated swimming pool, and a community center.
On January 26, 2007, an undisclosed manufactured home community in eastern New York state secured $11,000,000 in permanent mortgage financing with an additional $1,000,000 line of credit open for its use. The community has over 300 sites.
An undisclosed RV campground resort with over 100 sites in eastern Virginia received $2,925,000 in permanent mortgage financing on January 7, 2007.
Finally, Security Mortgage Group closed on $650,000 in financing on January 26, 2007 for a real estate portfolio containing storage facilities in the towns of Attica, Gouverneur and Lowville, New York. These three rural self storage facilities have a total of 310 units, or 36,000 square feet of storage space, between them.
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.