Courtly Manor MHC – Hialeah, FL

May 15, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $37,800,000 for the refinance of Courtly Manor MHC. The loan is for a five year term with interest only payments for the term of the loan. The 5.91% fixed rate loan is based on a 77% loan-to-value with debt service coverage of 1.09. Union Capital has financed eight other loans for the repeat Borrower, who owns nine Florida MHCs with a total of 3,681 spaces.

Courtly Manor MHC is a 525-space, 3.5-star, all-age manufactured housing community in Hialeah, Florida, just ten miles from the Miami CBD. The property is situated on 56.46 acres providing for a density of 9.3 units/acre. Approximately 60% of the homes are double-wides. All lots have paved parking for two cars and carports, most have storage units or garages, and many have deck and sunroom additions. There is a central lake which provides frontage for some lots. Rents range from $494 to $534 and average $513.18. The property is 100% occupied and has operated at this level for several years. The market is strong, with comparable properties also 100% occupied.

The broker for this transaction was Monroe & Giordano.