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12/11/15
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Capital One provided a $7.7 mil Fannie Mae fixed-rate loan to refinance Casa de Flores, a 309-space manufactured home community (MHC) in Chico, in CA’s northern Sacramento Valley.
Casa de Flores is a well-maintained community offering amenities that include a clubhouse, swimming pool, billiards room, fitness center, laundry facilities, and fenced-in RV storage. Its historic occupancy ranges from 95 to 99 percent.
Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, originated the transaction. The proceeds of this loan allowed the sponsor to retire existing higher-rate debt and take out cash to complete improvements to the community. The 10-year fixed-rate loan has 9.5 years of yield maintenance.
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