$12.7 Million in Financing Closed on Five Parks
ROCHESTER, N.Y. - August 1, 2006
Anthony and Gerry DiMarco of Security Mortgage Group, winners of MHI's Community Broker of the Year Award for 2004, 2005, and 2006, are pleased to announce the closings of 5 properties in July of 2006 in New Jersey, Ohio, New York, and Florida.
Anthony DiMarco arranged $1,580,000 in refinancing for the 96-site Brookside MH community in Hazlet, NJ. The loan was structured with a step-down prepayment penalty and was rate-locked at application. Additionally, Anthony secured refinancing of $6.6 million for Willo Arms Mobile Home Park at 85% loan-to-value with a 10-year term and 30-year amortization schedule for the 262-site community in Ashtabula, Ohio.
Gerard D. DiMarco, Jr. procured acquisition financing totaling $2,640,000 for The Vineyards, a 97-site MH community in Clifton, Colorado. Gerard also structured a loan for an unnamed RV resort in Florida at 90% of the purchase price.
In July, our small loan program, headed by Pierce Redmond, secured financing for two communities. Newfield Estates MH community obtained $900,000 in refinancing for its 84 sites in Newfield, NY with lender's costs capped at $5,500. This assumable loan featured an advanced rate lock and a step-down prepayment penalty. Additionally, Elim MH park of Lakeland, Florida refinanced its 54 sites for $975,000 with a 60-day advance rate lock and lender's closing costs capped at $5,500.
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.