TREMONT ARRANGES $2.7M LOAN FOR MOBILE HOME PARK IN RIO GRANDE VALLEY

MISSION, TEXAS — The Chicago office of Tremont Realty Capital has arranged for the refinancing of Mobile Gardens, a 184-site, age-restricted mobile home park in Mission. Tom Lorenzini with Tremont arranged the $2.7 million loan, which was funded through a relationship with a CMBS lender. The 10-year, non-recourse loan includes roughly a 72 percent loan-to-value ratio with a 4 percent interest rate. The property was 92 percent occupied at the time of closing. Amenities include a clubhouse, swimming pool, shuffleboard courts, library and laundry facilities.