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 MHCs 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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