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10/01/14
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HFF has arranged $15 mil in financing for Mobil Country Club, a 479-unit, senior (55+) manufactured home community in Rancho Cordova, CA. Mobil Country Club is situated on a 54.6-acre site at 2473 Sunrise Blvd, approximately 10 minutes east of downtown Sacramento.
Completed in three phases, the community is 99.2-percent occupied and includes off-street and guest parking, as well as 110 RV/boat storage spaces. Community amenities include a heated swimming pool, clubhouse, billiard room, library, sauna and enclosed spa.
Working for the borrowers, Country Club Investors LP and Storz Management Company (SMC), HFF director Zach Koucos arranged the financing, working with SMC’s CFO Mark Weiner and president Andy Carey. The 15-year, fixed-rate, 30-year amortization loan was funded by Voya Investment Management (formerly ING). Proceeds will be used to retire existing debt on the property and for capital reserves.
“Our life insurance company correspondents are very aggressive right now for long-term, fixed-rate loans on high quality multi-housing properties such as Mobil Country Club. Many of our clients with long-term hold objectives are taking advantage of today’s unique recapitalization opportunities,” Koucos said.
Based in Orangevale, CA, Storz Management Company operates more than 30 manufactured home & RV communities, of which 15 are affiliates under common control. Formed in 1971 by the late Jerry Storz, SMC grew and evolved to not only manage parks for Jerry’s affiliated investment partnerships, but also for many third party park owners who demanded the utmost level of professional care for their valued real estate assets.
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