Windmill Village MHC – Davenport, FL

May 15, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $28,620,000 for the refinance of Windmill Village 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 an 85% 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.

Windmill Village MHC is a 509-space, 5.0-star, age-restricted manufactured housing community in Davenport, Florida. The property was developed in 2001 and is 100% occupied. Amenities include a clubhouse with fitness center, billiards, library, arts and crafts rooms; heated pool and spa; lighted tennis courts and shuffleboard courts. The property is situated on 124 acres providing for a density of 4.1 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 $342.95 to $434.30 and average $366.88, and are typically increased 5% per year.

The broker for this transaction was Monroe & Giordano.