September 24, 2020
SECURITY MORTGAGE GROUP
Income Property Specialists
FOR IMMEDIATE RELEASE
September 23, 2020
Contact: Gerard D. DiMarco, Jr.
SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities, an Apartment Complex and a Self-Storage Facility in August and September, 2020 totaling $94,380,000
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $94,300,000 for several Manufactured Home Communities, an Apartment Complex and a Self Storage Facility in August and September of 2020.
Managing Director, Gerard D. DiMarco, Jr., helped negotiate refinancing terms for a client with several Manufactured Home Communities located in Mid-Atlantic states in early September. The non-recourse loans featured long term fixed rates as low as 2.61%. Loan amounts included
- $6,700,000 for 3 MH Communities totaling 234 sites
- $5,000,000 for 2 MH Communities totaling 197 sites
- $4,000,000 for a 116-site MHC.
- $3,000,000 for 2 MH Communities totaling 249 sites
- $3,000,000 for a 274-site MHC.
Additionally, Gerry assisted in the refinance of a $4,000,000 non-recourse mortgage. The client’s 194-site MHC is in Pennsylvania.
Gerry also secured acquisition financing for a client’s purchase of a 113-site MHC in Iowa with a $2,680,000 loan. The terms featured flexible prepayment opitons.
Finally, Gerry assisted Jeff Cook from Cook Properties NY with the acquisition debt on a 3 MHC portfolio in the Greater Rochester, NY market totaling 437 sites. The $13,830,000 loan featured a long term fixed rate and interest-only payments.
Anthony J. DiMarco, the other Managing Director, secured both acquisition financing and refinancing terms for several clients’ Mobile Home Communities as follows:
- A non-recourse $18,000,000 loan for a 644-site MHC in Michigan.
- A $5,144,000 mortgage for 2 MH Communities in Oklahoma featuring a 12 year term.
- A $2,250,000 acquisition loan for a 189-site Missouri MHC.
Additionally, Anthony negotiated the refinance of a client’s Apartment Complex in Texas with a $22,000,000 non-recourse loan.
Vice President, Pierce Redmond, secured refinancing debt of $2,800,000 for a client’s Self Storage Facility portfolio in Illinois. The non-recourse loan featured a long term fixed rate.
In addition, Pierce helped secure a $1,976,000 acquistion loan for a repeat client’s purchase of a Mobile Home Park in Ohio.
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.