Deerwood MHC – Deerwood, FL

May 15, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $32,030,000 for the refinance of Deerwood 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.

Deerwood MHC is a 570-space, 4.0-star, all-age manufactured housing community in Deerwood, Florida, located in a growing residential and commercial neighborhood approximately 10 minutes southwest of Disneyworld. The property has excellent access and visibility on major area highways. Amenities at the community include a clubhouse, two swimming pools and playgrounds and RV storage. The property is situated on 130 acres providing for a density of 4.38 units/acre. 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. Rents range from $350 to $413 and average $366. The property is 100% occupied.

The broker for this transaction was Monroe & Giordano.