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HFF Arranges $65 Mil on Manufactured Home Communities from April 1 to June 15 of This Year

8/10/15

Holliday Fenoglio Fowler L.P. has arranged $65.7 mil in combined financing for 11 manufactured home communities totaling 1,605 home sites located in California and Oregon since April 1, 2015.

Financing for the 11 properties closed in separate transactions between April 1 and July 15, 2015. HFF executed the individual loans with a variety of capital sources including Freddie Mac, Fannie Mae, life insurance companies, CMBS conduits and regional banks. All 11 loans feature 10-year fixed-rates, 30-year amortizations and are non-recourse. The financing requests were widely marketed by the HFF team, and the most optimal lender was selected for each property with respect to loan proceeds, rate and terms.

Individual transaction details are listed below:

Property Name and Location Home Sites Loan Proceeds
Stardust – Colton, California 103 $3,525,000
Sierra Lakes – Rocklin, California 228 $11,000,000
Heritage Oak Glen – Orangevale, California 121 $6,000,000
Cordovan – Sacramento, California 177 $9,100,000
Town & Country Estates – Orcutt, California 185 $7,515,000
Hollywood Estates – Salem, Oregon 115 $4,000,000
Merced – Merced, California 120 $3,500,000
Starlite – Fontana, California 80 $3,640,000
Royal – Windsor, California 88 $4,620,000
Twin Lakes – Shasta, California 182 $6,800,000
Royal Crest – Fortuna, California 206 $6,000,000

The HFF debt placement team representing the borrowers was led by director Zach Koucos and senior managing director Tim Wright.

“The capital marketplace for manufactured home communities is extremely healthy. Demand for MHC’s on the part of lenders and investors alike, particularly in coastal markets, is as strong as we have ever seen. More people are taking note of the merits of this asset class, and it has created significant competition,” Koucos said.





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