Issue link: https://read.dmtmag.com/i/335339
JULY 2014 6 THE JOURNAL No. 4 on Get It Quick Page The manufactured housing industry has lost a leader and pioneering manufacturer with the death, on May 13, 2014, of James L. Newman, Sr., founder and president of Manufactured Housing Enterprises, Inc. (MHE) of Bryan, Ohio. Mr. Newman established MHE in 1965. Pro- ducing both HUD Code and modular homes, MHE, under Mr. Newman's leadership, has grown to become, today, the largest homebuilder in the State of Ohio. In 1985, Mr. Newman, as one of a distin- guished group of manufactured housing pioneers, became a founding member of the Association for Regulatory Reform (ARR) – later re-named the Manufactured Housing Association for Regulatory Reform (MHARR) – as a national advocacy or- ganization to represent, defend and advance the unique interests and concerns of federally-regu- lated producers of manufactured housing. Over the course of nearly thirty years, as a member of the MHARR Board of Directors and as a long-time officer of the Association, Mr. New- man played an instrumental role in defining the fundamental mission of MHARR and in advanc- ing the goals of the HUD Code industry and man- ufactured housing producers on a national level. His insight and gentle manner, as well as his busi- ness acumen and unyielding commitment to the industry as the nation's leading source of afford- able, non-subsidized housing, will be greatly missed by his colleagues and countless friends in the industry and throughout the United States. The Newman family has asked that in lieu of flowers, memorials may be made to the Williams County Airport Boosters, the American Heart Association or the American Diabetes Founda- tion. Industry Loses Leader and Pioneering Manufacturer Unique Financing Structure Provided for MH Community Monroe & Giordano, a Tampa based Mortgage Company, arranged and closed a unique permanent loan totaling $1,500,000 on Classic Oaks Village Manufactured Home Community in Ocala, Florida. This is the ninth loan M&G has closed with the borrowers. Classic Oaks Village Manufactured Home Community is located in Ocala, Florida at 255 NW 40 th Ave. This location is very desirable at the intersection of State Road 40 and I-75. The property con- tains 84 home sites on 15 acres. This four-star retiree community is 91% occupied and contains all dou- blewide homes. Amenities include clubhouse with exercise room, swimming pool, shuffleboard, RV storage and horseshoe pits. The unique loan had a 10-year fixed interest rate, with a structured prepayment penalty of 5% year one, declining 1% each year to 1% of the then outstanding loan amount. Also, the loan is assumable with limited recourse. Our lender prides itself with low closing costs and unusual ease with the closing process. J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 80 combined years experience in commercial real estate lending, have established the commercial mortgage banking firm of Monroe & Giordano. The firm represents numerous lenders that are extremely active within the Man- ufactured Housing Community/RV Park sector. Monroe & Giordano have proven they have the ability to provide their borrowers creative solutions based on each borrower's unique needs. Monroe & Giordano have offices in Tampa, Florida and may be reached at 813-229-5055.