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12/09/15
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Capital One Multifamily Finance provided an $11 mil Fannie Mae fixed-rate loan to refinance Old Plantation Manufactured Home Community, an all-age, 223-space manufactured home community in Riverside. The proceeds of the loan allowed the borrower to retire existing higher-rate debt and take out cash.
Old Plantation is a well-maintained, four-star park, and is subject to City of Riverside rent control regulations. It was designed to accommodate doublewide homes.
Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction. The borrower is one of Mobile Home University’s Top 100 Manufactured Home Community Owners, owning manufactured housing communities in Arizona, California, Connecticut, Illinois, Iowa, Michigan, Nevada, Oregon, Texas, and Washington.
“The sponsor’s loan matured in January 2016, but was open for prepayment without penalty in September,” Reed said. “To take advantage of historically low rates, we moved forward in late August, processing the loan through Fannie Mae’s streamlined early rate lock program. We were able to lock in the rate seven days from loan application and closed in 37 days.”
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