January 9, 2020
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $57,705,500 for several Manufactured Home Communities including an apartment complex, storage facility, and marina in the 4th quarter of 2019.
Managing Director, Gerard D. DiMarco, Jr., helped negotiate financing of a repeat client’s 462-total site MHC portfolio. The $11,675,000 non-recourse, fixed rate loan featured both acquisition and cash out refinance debt with full term interest-only payments.
Gerry also placed a mortgage for a repeat client’s 393 site community in Texas. The $9,500,000 non-recourse loan closed in 40 days, featured full term interest-only payments with a fixed rate of 3.63%
Additionally, Gerry secured refinancing debt for several other repeat clients:
- $15,000,000 fixed rate loan for a 508-unit apartment complex in Rochester, New York.
- $9,700,000 mortgage with a long-term non-recourse rate for a client’s 378-site Ohio MHC.
- $6,500,000 in portfolio debt for 2 MHC communities in Colorado. The loan featured a long-term fixed rate and 5 years of interest-only payments
- $4,012,000 non-recourse, long-term fixed rate loan for client’s Tennessee 116-site MHC.
- $1,775,000 long-term, fixed rate loan with 3 years interest-only for a client’s 123-site MHC in Indiana.
Anthony J. DiMarco, the other Managing Director, secured refinancing for a client’s 430-site MHC with an $11,055,000 non-recourse, fixed rate, full term, interest-only loan featuring a 3.39% rate.
Anthony also negotiated refinancing for two other repeat clients:
- $5,622,500 fixed rate, non-recourse loan for a client’s Houston, Texas Mobile Home Community Portfolio.
- $6,135,000 long-term, non-recourse loan featuring 4 years interest-only at a 3.56% rate. The client’s 235-site MHC is in South Dakota.
Additionally, Anthony secured financing for a repeat client’s purchase of a mobile home community and marina in California. The $1,575,000 loan features flexible prepayment terms and closed in 40 days.
Vice President, Pierce Redmond, secured financing for a client’s purchase of a Mobile Home Community and Storage Facility in Michigan with a long-term, fixed rate, non-recourse acquisition loan of $2,386,000 with 2 years interest-only.
In addition, Pierce negotiated refinance loans of $1,200,000 and $800,000 for two separate repeat clients with mobile home communities in Michigan. Both loans featured a fixed rate with flexible prepayment terms.
Security Mortgage Group is a premier national lending source for Manufactured Home Communities and is a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community