Woodlands Apartments – Warner Robbins, GA

March 6, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $1,680,000 for the acquisition of Woodlands Apartments. The loan is for a ten year term with interest only payments for the first year, followed by a thirty year amortization period for the term of the loan. The 5.75% fixed rate loan is based on a 68% loan-to-value and 80% loan-to-cost with debt service coverage of 1.61. The Borrower owns 7 Manufactured Housing Communities with nearly 1,000 sites in Florida, Georgia, North Carolina and Texas.

Woodlands Apartments is an 86 unit apartment complex located in Warner Robbins, Georgia. The 86 apartment units are located in 28 single-story buildings and in 1 two-story building on a total of 8.9 acres, providing for a density of approximately 9.66 units per acre. There are 44 1BR/1BA units, 4 2BR/1BA units and 38 2BR/1BA units with a carport. All of the unit interiors have been totally refurbished within the past three years upon turnover. The refurbishments included new bathrooms, kitchens, flooring, hardware and paint. Occupancy is currently 98.8%.