El Camba MHC – Lakeland, FL

May 24, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $1,700,000 for the acquisition of El Camba 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 67% loan-to-value and 85% loan-to-purchase price with debt service coverage of 1.41 based on interest only payments. El Camba was acquired in conjunction with an adjacent MHC, which Union Capital financed. Union Capital Investments has financed more than six other loans for the Borrower who has been acquiring and selling manufactured housing communities for over 15 years.

El Camba MHC, a 101-space, 2.5 star, age-restricted manufactured housing community, is located in Lakeland, Florida. The property was developed in 1969 and consists of a clubhouse, which houses a community room, kitchen, and laundry; and shuffleboard courts. Current rents are $240 per month for the mobile home lots and include water. Occupancy is 94% and has been operating at that level for several years.

Monroe & Giordano was the broker for this deal.