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1/14/15
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Storz Management Company (SMC) has obtained $10 mil in financing for Meadowbrook MHC, a 269-home site, all-age manufactured home community in the North Highlands area of Sacramento.
Meadowbrook MHC is situated on 33 acres at 5700 Antelope Rd, adjacent to I-80 and approximately 20 minutes northeast of downtown Sacramento. The landscaped property averages 8.15 home sites per acre and is 97.4 percent occupied. Community amenities include a main clubhouse equipped with a full kitchen, dining room, billiard room, playroom, library/study and living area in addition to two heated swimming pools, Jacuzzi spa, outdoor café tables with umbrellas, basketball and recreation court, RV/boat storage and dog park.
Zach Koucos of HFF placed the 10-year, fixed-rate, 30-year amortization loan with Voya Investment Management. HFF is servicing the loan, which will be used to retire existing debt and for capital reserves. HFF worked directly with SMC’s CFO, Mark Weiner, and its president, Andy Carey, on the transaction.
Based in Orangevale, about 20 miles northeast of Sacramento, Storz Management Company (SMC) operates more than 30 manufactured home and RV communities, of which 15 are affiliates under common control. Formed in 1971 by the late Jerry Storz, SMC grew and evolved to not only manage parks for Jerry’s affiliated investment partnerships, but also for many third party park owners who demanded the utmost level of professional care for their valued real estate assets. Today’s SMC team is made up of professionals with diverse backgrounds, including experience with not only manufactured home and RV community management, but also real estate investment, entitlement, development, brokerage, finance, debt restructuring, public accounting, contract negotiation, insurance, sales, marketing and construction.
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