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PHILADELPHIA-The Twin Oaks, 141-site manufactured housing community in Olmstead, OH has received $3.34 million in refinancing. John Chase, senior director of the Annapolis, MD office of Boston-based Tremont Realty Capital, Inc., arranged the financing.

It is a 10-year commitment consisting of an initial five-year, fixed-rate loan at 6.5% interest and another with a floor of 7% interest, covering a five-year period. The loan is non-recourse and provided at an 80% loan-to-value ratio with the ability to “earn-out” additional proceeds over the next three years, contingent on the park’s owners’ ability to increase rents to market-rate levels.

The property was 98% occupied at the time of the closing. Funds were provided by an unnamed Midwest bank.

Chase says in a statement that his firm “structured the loan to maximizeleverage with aggressive, fixed-rate pricing. The loan was non-recourse withopen prepayment ability after only one year. Finally, the lender had no issues with cashing out the (unidentified) borrower even though he’d only owned the property for a short time. The lender was willing to give the borrower credit for the value he had received through higher rents in the short period he had owned the property.”

Tremont has offices in Hartford, CT; New York, and Chicago in addition to Boston and Annapolis.

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