Combination A-Note and Mezzanine Financing
Portfolio Secured for a Returning Client
ROCHESTER, N.Y. - March 9, 2007
Anthony DiMarco, Managing Director of Security Mortgage Group, closed $24,825,000 in permanent mortgage financing in March 2007 for a 3-property portfolio owned by a returning client.
An undisclosed Southern Ohio Manufactured Home Community acquired an A-note of $8,648,000 and $550,000 in mezzanine financing. An undisclosed Manufactured Home Community in Louisville, Kentucky secured an $8,350,000 A-note and $335,000 in mezzanine financing. A Kentucky Manufactured Home Community obtained an A-note of $6,752,000 and mezzanine financing totaling $190,000.
Each loan was locked in at 5.86% with the first five years as interest only; the loans were structured with a 10 year term and a 30 year amortization schedule. A total of 974 home sites were financed through this portfolio.
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.