Facing a financing deadline, Reed was able to seal the deal within forty days of application. Idle Wheel was built in 1961 and is 99 percent occupied. The ten-year fixed-rate loan has two years of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization payable on an actual/360 basis.
In a returned call from Capital One’s corporate communications, Michael E. Bulgur tells MHProNews neither the seller nor the buyer’s name is currently available.
(Photo credit: progressivehousing-manufactured home community in California)
