NEWTON, Mass.--(BUSINESS WIRE)--The Chicago office of Tremont Realty Capital, a division of The RMR Group, today announced that it recently arranged for the refinancing for three manufactured housing communities containing 244 home sites, located in Wisconsin. The properties were Knollwood MHC in Clear Lake, Northgate Estates in New London and Huber MHC in Menomonie. The sponsor is Great Value Homes based in Milwaukee.
The refinancing consisted of a $5,800,000 non-recourse loan with a sub 5% interest rate fixed for 10 years and the loan was secured through a Tremont lending relationship. Additional attributes included several years of interest only payments and the recapture of a portion of the borrower’s equity.
Tom Lorenzini, Senior Director of Capital Markets for Tremont, stated that “With our extensive lender relationships and experience across a wide range of funding scenarios, Tremont is a trusted resource for owners of commercial real estate. In this refinancing, we secured a $5.8 million nonrecourse loan and closed within 45 days in order to meet a pending maturity. The new loan also enabled Great Value Homes to place homes for sale on vacant sites at the communities. We believe this transaction demonstrates Tremont’s ability to address borrowers’ business objectives through well executed, attractive capital solutions for complex and time sensitive situations.”
Tremont Realty Capital is a division of The RMR Group LLC. Tremont Realty Capital includes an operating business that specializes in commercial real estate (CRE) finance, principally raising debt and equity capital for owners of CRE, and an SEC registered investment adviser, Tremont Realty Advisors LLC, which is a wholly owned subsidiary of The RMR Group LLC and which principally provides investment advice concerning real estate debt investments, including mortgage debts and mezzanine financings for real estate businesses. Since its founding in 2000, Tremont has completed over $4.6 billion worth of CRE transactions. For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of June 30, 2017, The RMR Group LLC had approximately $27.9 billion of total assets under management, including more than 1,400 properties, and employed over 475 real estate professionals in more than 35 offices throughout the United States; the companies managed by The RMR Group LLC collectively had approximately 53,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts. For more information on The RMR Group LLC, please visit www.rmrgroup.com.