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Monroe Capital Provides Credit Facility to American Community Homes

October 20, 2014, 07:54 AM
Filed Under: Lender Finance

Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the recapitalization of Towne Mortgage Corporation (“Towne”) by American Community Homes, Inc. a platform company of Broad Solutions, LLC.

Based in Troy, Michigan, Towne originates and services mortgage loans on residential properties located primarily in Michigan, Minnesota and Wisconsin. The company is licensed in 28 states and approved to sell mortgages to the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Michigan State Housing Development Authority, as well as other secondary market investors. Towne also has a wholesale division and a credit union division, which offers mortgage services to 135 credit unions directly.

“We are pleased to have Monroe Capital as a partner in creating one of the largest minority-owned mortgage originators and servicers in the country,” said Dale Lefebvre, Chairman of American Community Homes. “We look forward to Monroe’s continued support as we grow and transform the business to better serve our customers.”

Monroe Capital LLC is a leading provider of senior and junior debt and equity co-investments to middle-market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments.

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