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11/02/15
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Capital One has provided a $5.8 mil, Fannie Mae fixed-rate loan for the acquisition of Orosi Estates, a 129-space manufactured housing community in Orosi, CA. Orosi is located in the San Joaquin Valley, about 200 miles north of Los Angeles.
Built in 1975, Orosi Estates consists of 128 MHC spaces and a single-family home. Common amenities include a pool and clubhouse, including laundry facility and leasing office. The property is in good condition, and nearly fully occupied.
Capital One’s Damon Reed originated the 10-year fixed-rate loan, which has 9.5 years of yield maintenance. The loan has a one-year interest-only period followed by amortization on a 30-year schedule.
“Time was of the essence in this transaction,” Reed said. The acquisition was part of a Section 1031 tax exchange with a hard deadline. To expedite the process, Reed suggested early rate lock and provided a soft quote prior to going under contract. The loan closed in just 45 days from application.
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