Silver Springs MHC - Silver Springs, Florida

August 20 , 2007 - Union Capital Investments, LLC provided permanent financing for the acquisition of Silver Springs MHC. Loan proceeds were $3,525,000 with an Earnout Reserve of $215,000 and a Seasonal Reserve of $55,000. The debt service coverage at funding was 1.15 but to qualify for the earnout the property must achieve a 1.20 coverage.  The loan is for a 5-year term with an interest rate of 6.61%, 30 year amortization period with interest only payments the first year of the loan. The Borrower has been active in the ownership, management and operation of mobile home parks in Florida for the past 14 years.

Silver Springs MHC has a total of 199 RV sites and is classified as a 4W/4W community by Woodall’s Campground Directory. The park is located in Silver Springs, Florida, on 16.25 acres, yielding a density of 12.25 sites per acre. There are 94 manufactured housing pads and 105 RV pads, and amenities include a clubhouse/leasing office, a kitchen, swimming pool, shuffleboard courts and a laundry/bath house building. During peak season, occupancy is around 90% on the weekends and holidays and greater than 70% during the week. During the off-season, occupancy during the week is approximately 25%.

Monroe & Giordano was the broker for this transaction.