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4/03/18
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Kort and Scott Financial Group obtained a $48.8 mil Fannie Mae structured adjustable-rate loan to refinance its leasehold interest in Lincoln Center Mobile Home Park, a 305-unit manufactured housing community in Cypress, a city in northern Orange County. The loan was originated by Capital One.
Lincoln Center was developed in 1970. It has a pool, clubhouse with recreation room and stage, playground, and a basketball court. It was 92 percent occupied at the time of application.
Kort and Scott Financial Group is the 13th largest owner and operator of MHCs in the country. Based in Southern California, Kort and Scott own 38 MHC communities totaling 8,600 MHC sites in California, Colorado, and Arizona.
Capital One’s Chad Thomas Hagwood and Brandon Pate arranged the financing. The 10-year adjustable-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule. According to Hagwood, the sponsor is using the proceeds to pay off their existing loan and secure funds to further enhance the community.
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