ROCHESTER, N.Y. - July 10, 2008
Security Mortgage Group is pleased to announce the mortgage fundings for a shopping center, apartment complex, and RV resort portfolio. The credit markets have not stabilized, and, although placing loans has become more difficult, Security Mortgage Group has closed nearly $60 million in loans for 12 properties in the first quarter of 2008.
Green River Apartments in Dickinson, Texas refinanced its 48 units for $2,350,000 at the end of May 2008. At the other end of the Gulf of Mexico, Admiral's Walk MH Community refinanced its 171 home sites for $5,0230,000. This Atlantic Beach, Florida park received a 10 year term and a 30 year amortization schedule.
King Commons Shopping Center in Wilmington, Ohio secured permanent mortgage financing in July 2008 totaling $3,285,000. This retail facility has 59,973 square feet of floor space.
Finally, financing of $9,200,000 was obtained for an RV resort portfolio with properties in Maine and Virginia. A total of 467 RV sites were assisted with this loan.
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.