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7/23/15
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Capital One has provided a $4.6 mil, Fannie Mae fixed-rate loan for the acquisition of Ocean West, a 127-unit, age-restricted manufactured housing community (MHC) in McKinleyville, a NoCal coastal town located about 16 miles north of Eureka. Ocean West, built in 1979 and extensively renovated in 1996, is located less than one mile from Mad River Beach County Park on the Pacific Ocean.
The property consistently operates at full or near-full occupancy. Affiliated entities own two adjacent parcels of vacant land, which may be used to expand the community.
“To facilitate this expansion, we inserted language in the loan documents that would allow the second phase to be added to the existing collateral at a later date,” noted Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance. Reed originated the transaction. “This sets the stage for an additional loan once the second phase is leased.”
The 12-year fixed-rate loan has 11.5 years of yield maintenance and five years of interest-only payments, followed by a 30-year amortization payable on an actual/360 basis.
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