The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



FINANCING NEWS
Printer-friendly Version   Email an Associate
Capital One Provides Fannie Mae Money for Purchase of CA Manufactured Housing Community

7/23/15

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.






Return to the Archive page
 
 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media