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7/05/16
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Capital One provided a $5 mil Fannie Mae fixed-rate loan for the acquisition of Olive Hill Mobile Home Community, a 128-unit manufactured housing community in Oroville, a California city situated north of Sacramento. The 10-year-year fixed-rate loan has 9.5 years of yield maintenance and a two-year interest-only period followed by amortization on a 30-year schedule.
The borrower, a repeat Capital One customer, is an experienced MHC investor with mobile home parks in Arizona, California, Colorado, Idaho, and Utah. Olive Hill was built in 1969 and thoroughly renovated in 2003. The community is 99 percent occupied, and the majority of its tenants are retired, long-term residents.
Capital One’s Chad Thomas Hagwood originated the transaction and Charles Craig of Hagwood’s team managed the deal. Hagwood leads Capital One Multifamily Finance’s Southeast region out of the Birmingham, AL office.
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