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October 19, 2020
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San Jose Mobile Home Community Lands $52 Mil Fannie Mae Refi Loan

9/23/20

Chateau La Salle, a mobile home community in San Jose, was just refinanced with a new, $52.25 mil Fannie Mae loan. Built in 1980, the property consists of 434 pads set across 58 acres of well-manicured grounds. The loan was arranged by Greystone.

Amenities at Chateau La Salle include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts. Located off of Hwy 87 in a quiet, gated neighborhood, the property is conveniently situated near San Jose’s major highways, which provide easy access to the area’s retailers, restaurants, employment centers, and recreation.

The new Fannie Mae Delegated Underwriting and Servicing (DUS®) financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. At approximately 53% loan-to-value, the mortgage enables the borrower to refinance their existing loan and monetize their existing equity in the property. The transaction was originated by Greystone’s Tim Thompson, on behalf of Chateau La Salle 2012 LLC.




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