ROCHESTER, N.Y. (December 18, 2013)
Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to announce the financing of $44,600,000 for several manufactured home communities nationwide in the last few weeks of 2013. The loans included 12 separate communities owned by numerous repeat clients totaling 2,292 home sites.
Anthony J. DiMarco, Managing Director, assisted in the refinance of an undisclosed Ohio manufactured housing community portfolio totaling over 540 sites for a repeat borrower. The $6,590,000 non-recourse loan featured a long term fixed rate and a 30 year amortization. Anthony also secured a separate $17,100,000 non-recourse refinance for the same borrower on an undisclosed MHC in Michigan. Similarly, the loan featured a long-term fixed rate for the 640+ space community.
In addition, Anthony recently negotiated the acquisition financing for a repeat client; Sashabaw Meadows MHC in Clarkston, Michigan featured a $12,860,000 non-recourse loan. The 455 home site community contains modern amenities and loan features included a long term fixed rate and a 30 year amortization.
Gerard D. DiMarco, Jr., Managing Director, closed a $4,119,000 non-recourse loan for a portfolio of three communities in Phoenix, Arizona totaling 262 spaces. The repeat borrower's loan featured a competitive long-term fixed rate. Gerry also assisted in the refinance of an undisclosed MHC with 165 home sites in Michigan. The $2,750,000 non-recourse loan also featured a competitive interest rate and a 25-year amortization.
Pierce W. Redmond, Vice President, assisted a repeat client with a $1,250,000 small loan closing covering two communities in Kansas City, Missouri. The loan terms featured a flexible prepayment penalty and the ability for the client to obtain subordinate financing.
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.