Milwaukee-based Asset Development Group, Inc., the largest community owner in the state with more than 6,400 sites nationwide, acquired 166-site Lannon Estates in Lannon and 128-site Oak Ridge Mobile Community in Fort Atkinson, closing on the deals 40 days after turning in its loan application to Tremont Realty Capital.
"We provided a very flexible financing package for the borrower," says Tremont Realty Capital managing director Tom Lorenzini in a statement. "By allowing for the secondary financing we provided a unique financing package for the client. In addition, we were able to structure a loan which could be paid off in full or in part at anytime which will allow the client to refinance in the future as the properties are expanded and value is increased."
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