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July 9, 2020
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Greystone Provides $33.7 Mil Refi Loan on Long Beach Area Mobile Home Community


Greystone has provided a $33.7 mil Freddie Mac refi loan on Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach. Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate.

Residents at Belmont Shores Mobile Estates have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

The transaction was originated by Greystone’s Dale Holzer on behalf of Alamitos Bay Partnership LLC, with Don Smith of Sunrise Mortgage & Investment Co acting as a correspondent. The loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

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