ROCHESTER, N.Y. - July 12, 2006
In Union City, New Jersey, acquisition financing of $425,650 was obtained for 714 22nd Street, an 8-unit apartment building. This loan had a 60-day advance rate lock option and lender's closing costs were capped at $3,500.
On June 30, 2006, Gastonian Condos received $1,200,000 in refinancing for its 62 units in Dallas, Texas. Lakewood Apartments, also in Dallas, closed on $975,000 in permanent mortgage financing for its 46 units. For both Gastonian and Lakewood, lender's closing costs were capped at $3,500 per loan with a flexible prepayment plan.
Security Mortgage Group also provided permanent mortgage financing of $950,000 for the U.S. Post Office in Blasdell, New York on July 12, 2006.
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.