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1/10/18
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Summit Mobile Home Community LLC has received a $33.6 mil Fannie Mae loan to refinance Summit Mobile Home Park located in West Hills, a community in the western San Fernando Valley, within the Los Angeles MSA. Summit Mobile Park is the first manufactured housing community in the United States to receive financing under Fannie Mae’s Green Rewards program.
The financing was arranged by Beverly Hills-based Quantum Capital Partners and provided by Hunt Mortgage Group, headquartered out of NY City. A portion of the loan proceeds will be used to install solar panels to boost energy efficiency.
Summit Mobile Home Park is a 203-pad manufactured housing community located at 24425 Woolsey Canyon Rd. The property was built in 1980 and includes a single-story building containing the leasing office and clubhouse, which includes an assembly room, a service kitchen and a billiards room. All of the property's pads are large enough to accommodate doublewide homes. Property amenities include tennis courts, a swimming pool and spa. The property has a total of 456 parking spaces, including 50 guest spaces and two spaces for each pad. There are an additional 15 vehicle storage spaces.
“Several key waivers were needed from Fannie Mae to obtain the financing,” noted Quantum Capital's Jonathan Hakakha, who arranged the financing. “We were able to work through the challenges up front and received the waivers in advance of signing the term sheet, which allowed us to close in 45 days.”
Summit Mobile Home Community is backed by key principals Louis Miller, Larry Miller and Philip Miller. The loan term is 15 years with five years of interest-only payments.
“Louis Miller developed the property in 1980 and his family has successfully owned and managed the property since that time,” noted Larry Wilemon, Vice President at Hunt Mortgage Group. “Owners have maintained a 95%+ occupancy rate at the park. The asset is also very well cared for.”
“The borrowers are planning to cash out some of the funds from the new loan for future acquisitions and to implement property renovations. We were pleased to deliver on this transaction for a seasoned mobile home park investor, providing green energy solutions,” said Wilemon.
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