Security Mortgage Group – a national award-winning MH Community lending broker – provided $40,853,000 in financing for several manufactured home communities nationwide, the Daily Business News has learned.
Managing Director, Gerard D. DiMarco, Jr., secured financing for a portfolio of Manufactured Home Communities & Apartments – located in Newark, NY – with a total loan of $4,425,000.
The non-recourse loan featured a long-term fixed rate for a repeat client, DiMarco told MHProNews.
Anthony J. DiMarco, the firm’s other Managing Director, recently secured financing for a repeat client’s 240-site three Manufactured Home Community Portfolio totaling $5,570,000 in loan proceeds.
Anthony DiMarco also secured financing for the 124-site Royal Oaks Mobile Home Community in Dallas, TX with a loan of $2,775,000.
Refinancing
Anthony DiMarco negotiated refinancing for the 204-site Rock Oak Central MHC in Clarence, NY with a $5,678,000 loan; the 229-site Sun Lake Estates MHP in San Angelo, TX with a $4,240,000 loan; the 386-site Northtowne Meadows MHC in Erie, MI with a $12,750,000 loan and finally a 185-site mobile home park in Richmond, KY with a $3,900,000 loan.
The Daily Business News learned that each of the above non-recourse loans were for repeat clients of the firm.
Pierce Redmond, Security Mortgage Group Vice President, helped negotiate refinancing for the 96-site Blue Jay Lane Mobile Home Park in Pennellville, NY with a $950,000 loan.
The Security Mortgage Group website says they are a premier national lending source for Manufactured Home Communities, and a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute.
The company is well known for their annual dinner in Las Vegas; for a previous photo report on that event, click here. ##
(Image credits are as shown above.)
