Fannie Mae Loan Arranged for sale of Manufactured Home Community in Oregon

Oregon_Knoll_Terrace_mhc_knollterrace__creditCapital One informs MHProNews that it arranged a $4.9 million fixed-rate Fannie Mae loan for the acquisition of a manufactured home community (MHC) in Canyonville, Oregon, 185 miles south of Portland. Completed in 2009, Knoll Terrace is a 134-homesite age-restricted community in a forested area, and the homes have two-car attached garages.

Homesite lease, including utilities, is $501.50, although sites with more scenic views command a slightly higher price. The homes, by Golden West, currently for sale run from $57,500 to $94,500, according to the community’s website.

Capital One’s Director of MHC Finance and Vice President Damon Reed originated the transaction for the borrower, who is a repeat customer of Reed and Capital One. This transaction highlights the value of a long-term relationship between lender and borrower,” Reed said. “The sponsor had only a short time remaining on its contract, and needed to work with a lender on whom it could depend to close the transaction quickly.

The 10-year fixed-rate loan has 9.5 years of yield maintenance and five years of interest-only payments, followed by a 30-year amortization payable on an actual/360 basis. Neither the name of the buyer nor of the seller was immediately available. ##

(Photo credit: Knoll Terrace–manufactured home in Knoll Terrace)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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