November 20, 2012
ROCHESTER, N.Y. (November 20, 2012)
Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have recently provided $27,723,000 in financing for several communities nationwide in October and November.
Gerard D. DiMarco, Managing Director, recently provided financing for the 137-site Volunteer Village in Knoxville, TN. Amenities include a clubhouse and recreational space for the tenants. The $2,250,000 non-recourse loan featured a long-term fixed rate and a 30-year amortization.
Anthony DiMarco, also a managing director, secured financing for two separate manufactured home community owners. A loan of $3,250,000 was secured on the 253-site Creekside Estates in Grovetown, Georgia for a repeat client. With 40% park owned homes, Anthony worked with the lender to provide a long-term fixed rate and 30-year amortization. Anthony also secured a loan with a rate under 4.5% for Ridgebrook and Valley Hills Mobile Home Communities totaling 736 sites in Fort Wayne, Indiana. The $6,650,000 non-recourse, long-term fixed rate loan closed in under 40 days.
In addition, Anthony also secured refinancing of a Buffalo Apartment Portfolio for a repeat client. With 3 apartment complexes in Buffalo, New York, the non-recourse $3,913,000 loan featured an attractive long-term fixed rate. Also, Mr. DiMarco helped negotiate the financing of a multi-state manufactured home community portfolio for $9,760,000 for a repeat client. The non-recourse loan featured a long-term fixed rate. The portfolio consisted of 923 sites with properties in Kansas, Illinois, Wisconsin, Nebraska, Minnesota and Iowa.
Pierce Redmond helped negotiate the re-financing for the 69-site Northern MHP in Schofield, WI. The $550,000 loan closed in 30 days with flexible terms to fit the client's request. Pierce also helped negotiate the refinance of Royal Coach MHP in San Bernardino, CA. Even thought the property had fewer than 50 sites, a $1,350,000 non-recourse loan was prepared featuring a long-term fixed rate and 30-year amortization.
Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, 2006, & 2009 from the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community.