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10/17/17
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An OC-based private investor has obtained $13.7 mil in permanent refinancing for Mountain View Mobile Estates, a 109-site manufactured home community in Santa Rosa. The property is located at 2860 Santa Rosa Ave, just east of Hwy 101 on the south side of the city.
MetroGroup’s J.D. Blashaw arranged the early refinancing through Freddie Mac. The borrower is MV Estates LLC. The 10-year, non-recourse loan is priced at a rate of 4.10% and has a loan-to-value of 64%.
“The sponsor sought to take advantage of the current interest rate environment through an early refinance,” explains Blashaw, who notes that the sponsor’s existing loan on the property was originally set to mature in early 2018. “Interest rates have remained historically low for the last several years and have only recently begun to slowly inch upward.”
According to the Mortgage Bankers Association’s September 2017 Mortgage Finance Forecast, interest rates are anticipated to see a consistent rise from Q4 of 2017 through 2019.
“This has resulted in an influx in refinance activity and early refinancing as property owners and investors are seeking to lock in rates now, while they remain historically low and in anticipation of future increases,” says Blashaw. “This is a trend that we anticipate will continue throughout the remainder of 2017 and well into next year.”
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