September 1, 2007
ROCHESTER, N.Y. - September 1, 2007
Anthony and Gerry DiMarco closed over $71 million in mortgage financing for 18 properties while the subprime implosion was expanding.
On August 24, funding totaling $38,000,000 was secured for a portfolio of 6 RV parks in Maine, Michigan, New Jersey, and New York. A total of 1510 RV sites were served by this refinance.
A portfolio of six manufactured housing communities in Ohio and New York acquired $7,560,000 in acquisition financing on August 20, 2007. Also included in the portfolio was a 214-unit self storage facility, a 2,000 square foot commercial building, and a 9-hole executive golf course. The properties had a combined total of 286 acres and 652 homesites.
Woodhill Apartments secured $4,600,000 in acquisition financing on August 28, 2007. The 60-unit complex is located in Glenmont, New York. Rainforest Village Apartments of Painesville, Ohio refinanced its 60-unit facility for $1,800,000 on July 19, 2007. Both loans were structured with a 10 year term and a 30 year amortization period.
Quiet Harbor Estates of Creston, Iowa obtained $1,100,000 in refinancing for its 70 units on August 17, 2007. Meridian Cherry Mobile Home Park refinanced its 68 sites for $1,746,250 on August 8, 2007. Both Quiet Harbor and Meridian Cherry's loans amortized over 30 years and had rates with a 10 year term.
Lake Bryant MH and RV Park closed on refinancing of $1,750,000 on July 11, 2007. The Ocklawaha, Florida community has 116 home sites and 79 RV sites. On the RV side of the business, a large portion of the revenue came from existing and recently added seasonal clients. "By working hand in hand with the client we were able to breakdown the various revenue streams of this unique property type and help portray to our lenders the true value of the property."
An undisclosed MH & RV Park in Florida also received financing of $9,500,000 on July 2, 2007. Additionally, an undisclosed Florida RV resort obtained acquisition financing totaling $5,490,000.
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.