SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities, an Apartment Complex and a Campground in the Fourth Quarter 2017
ROCHESTER, N.Y. (January 16, 2018)
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed $87,804,500 for several manufactured home communities, an apartment complex and a campground during the fourth quarter of 2017. The most recent closings included the following:
Managing Director, Gerard D. DiMarco, Jr., secured financing for a repeat client’s 367-site White Creek Mobile Home Community in Haltom City, TX. The $14,300,000 non-recourse loan featured multiple years of interest-only payments.
In addition, Gerry assisted a repeat client with a $14,400,000 loan featuring a rate under 4% fixed. The Woodhill Fletcher & Carriage Hill Apartments are in Poughkeepsie, NY.
Gerry also helped negotiate the financing of a non-recourse loan of $11,150,000 for a client’s undisclosed 407-site mobile home community.
Anthony J. DiMarco, the other Managing Director helped negotiate financing for several repeat clients including:
- * A $13,700,000 loan featuring 3 years of interest-only. The 367-site community is located in Bangor, ME and is a five-star community.
- * A $7,200,000 loan featuring multiple years of interest-only for a 288-site manufactured home community located in the Atlanta, GA market.
- * A non-recourse acquisition loan of $3,175,000 for a MHC portfolio in Hays, KS.
Anthony also secured financing terms for a repeat client’s MHC Portfolio with a $6,864,500 loan in Western, NY. In addition, he helped negotiate financing of $14,847,000 for an undisclosed MHC with a 20 year term featuring 5 years of interest only.
Vice President, Pierce Redmond, through the small loan program helped negotiate refinancing terms for a client’s campground with a $675,000 loan featuring flexible prepayment terms. The campground in Dansville, NY has 105 sites.
Also through the firm’s small loan program, Pierce secured financing for a client with a loan of $618,000 featuring flexible pre-payment terms. The 85-site Vista Village MHP is in Greensburg, IN.
Lastly, Pierce secured acquisition debt for a client’s purchase with an $875,000 loan featuring flexible prepayment terms. Located in Ottawa, KS, the community has 75 sites.
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.