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1/11/18
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Kort & Scott Financial Group has landed a $30 mil Fannie Mae adjustable-rate loan for the acquisition of a leasehold interest in Crestmont Mobile Estates, a 289-space manufactured housing community (MHC) located 33 miles southeast of Los Angeles in Brea.
Crestmont Estates is fully occupied and was originally developed in 1970 as a 263-space community. Subsequent construction in 2007 added 26 spaces. The community has a pool, clubhouse with recreation room, and central laundry.
Kort & Scott Financial Group is the 13th largest owner and operator of MHCs in the country. Based in Southern California, Kort & Scott has acquired over 9,500 MHC properties to date and currently manages a portfolio spanning California, Colorado, Arizona, and New Mexico.
Capital One’s Chad Thomas Hagwood originated the loan and Brandon Pate, also with Capital One, managed the transaction. The 10-year, adjustable-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule.
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