Sterling MHC – Lakeland, FL

May 24, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $9,430,000 for the acquisition of Sterling MHC. The loan is for a five year term with interest only payments for the term of the loan. The 6.26% fixed rate loan is based on a 70% loan-to-value and 74% loan-to-purchase price with debt service coverage of 1.37 based on interest only payments. Union Capital Investments, LLC has financed more than seven other loans for the Borrower who has been acquiring and selling manufactured housing communities for over 15 years.

Sterling MHC is a 340-space, 2.5 star, age-restricted manufactured housing community located in Lakeland, Florida. The property was developed in 1965 and consists of a clubhouse, which houses a community room, kitchen, billiards room and laundry; and shuffleboard courts. The homes in the park are older but well maintained single-wide units which have been improved with carports and/or screen porches Occupancy has remained at or near 100% for years.

Monroe & Giordano was the broker for this deal.