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April 15, 2024
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Investor Group Secures $30 Mil to Buy Out San Jose Mobile Home Park


An investment partnership has obtained $30 mil to buy out a 315-unit mobile home park in San Jose. The all-ages community offers three laundry rooms, a clubhouse, heated pools, billiards room, a private conference room, and a BBQ pit with picnic areas, and car, boat, and RV parking along with many other amenities. It provides convenient access to all major regional freeways.

Gantry’s Jeff Matlock and Crischell Bacarro arranged the seven-year fixed rate loan. It was fixed in the mid 4% range, with terms including a five-year interest only period transitioning to 30-year amortization.

The transaction was part of a 1031 exchange and a partnership buyout. The borrower needed proceeds from a prior property sale for the down payment to acquire the remaining partnership percentage share.

According to Matlock, “This loan threaded the needle for the borrower to hit all their criteria with a 90-day rate lock, maximum proceeds, five rather than three years of interest only, and an excellent rate in a rapidly rising rate environment. The borrowers have been a minority owner for decades and this acquisition allows them to own the property outright and take control of this generational asset, the financing was a critical portion the partner buy out.”

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