ANNAPOLIS, MD--The Annapolis office of Tremont Realty Capital structured capital with a correspondent lender for the refinance of Richland Meadows MHC, (middle left photo) a 70 acre, 406-unit manufactured housing community located in Quakertown, PA.John Chase, (top right photo) a Senior Director with Tremont, arranged the $9,360,000 loan, which was funded through one of Tremont’s correspondent relationships.
The 10 year, non-recourse loan provided for roughly 65% loan-to-value with a 6.4% interest rate.
The property is located within three miles of Interstate 476, which provides easy access to Philadelphia.
According to Chase, “It was tricky to navigate this loan closing through the turbulence of the current capital markets. Strict and ever evolving underwriting criteria resulted in a $300,000 shortfall in loan proceeds.
"A creative structured was devised which enabled the sponsor to borrow the additional funds as an unsecured personal loan from an affiliate lender.”
Chase also added, “At rate lock interest rates had fallen 18 basis points below the sponsor-approved pricing. Legally, the lender could have added it to their spread, but instead the reduction was passed through to the borrower resulting in interest savings of $168,000 over the life of the loan.” 
Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.
Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.
Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital.
The Annapolis office of Tremont Realty Capital is located at 101 Log Canoe Circle, Suite F, Stevensville, MD 21666. The phone number is 410.604.1744 and the fax number is 410.604.1742. You can visit Tremont on the Internet at http://www.tremoncapital.com/.
CONTACTS:
CONTACTS:
Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital,
The Prudential Tower, 800 Boylston Street, 45th Floor, Boston, MA 02199. p: 617.867.0700 x784. f: 617.867.0077. amunsey@tremontcapital.com. http://www.tremontcapital.com/
The Prudential Tower, 800 Boylston Street, 45th Floor, Boston, MA 02199. p: 617.867.0700 x784. f: 617.867.0077. amunsey@tremontcapital.com. http://www.tremontcapital.com/
John Chase, 410.604.1744
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