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12/24/15
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Capital One has provided an $11.719 mil Freddie Mac, adjustable-rate loan to refinance Starlight Mobile Home Park, a 162-space, seniors-only manufactured housing community (MHC) in El Cajon, CA.
Starlight has a clubhouse, pool, spa, and community laundry, and almost two-thirds of the homes are owned by the park. The borrower purchased the park in May, 2015.
Capital One’s Chad Thomas Hagwood originated the transaction. The seven-year, adjustable-rate loan has a two-year interest-only period followed by amortization on a 30-year schedule.
We structured the deal with two years’ interest only,” Hagwood said. “This will give the borrower the chance to put the park on more solid footing.” The El Cajon submarket is performing well, with vacancy rates projected to average 1.8 percent through 2019.
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