The Hamptons MHC – Auburndale, FL

May 15, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $52,880,000 for the refinance of The Hamptons 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 78% loan-to-value with debt service coverage of 1.07. Union Capital has financed eight other loans for the repeat Borrower, who owns nine Florida MHCs with a total of 3,681 spaces.

The Hamptons MHC is a 829-space, 5.0-star, age-restricted manufactured housing community in Auburndale, Florida. The property was developed in 2001 and is 100% occupied. Amenities include an 18 hole golf course and pro shop; 11,000 SF clubhouse which houses a community room, fitness center, billiards and crafts rooms, library, restaurant, park offices, and public restrooms; pool and spa; 2 lighted tennis courts; horseshoes; 8 shuffleboard courts; nature paths, and lakes. The golf course is not included as part of the collateral. All of the homes are double-wide units with screened porches and/or carports, and each pad has a concrete driveway that can accommodate two vehicles. Most have landscaped front yards. The property is situated on 440 acres, providing a density of 1.9 units/acre. Rents range from $342.95 to $434.30 and average $366.88, and are typically increased 5% per year.

The broker for this transaction was Monroe & Giordano.