ROCHESTER, N.Y. (December 22, 2009)
Security Mortgage Group is pleased to announce the closing of three mortgages in December 2009. Over 400 sites were served in three states.
Twin Oaks Manufactured Housing Community acquired, on December 1, a refinance of $2,934,000. This loan has a 10-year term and a 30 year amortization schedule. Twin Oaks has 141 home sites and is located in Olmstead, Ohio.
Beachwood Gardens Apartments closed an acquisition loan on December 16, 2009. This 160-unit facility in Philadelphia, Pennsylvania received $8,661,000. The loan was structured with a 10-year term and a 30 year amortization schedule.
Birchcrest Estates Manufactured Housing Community completed a refinance of $1,750,000 on December 21, 2009. The Niles, Michigan community has 101 home sites.
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, 2006, and 2009 from the Manufactured Housing Institute.