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Posts Tagged ‘capital one’

Capital One Arranges $14 Million Fannie Mae Loan

July 24th, 2015 Comments off

rincon_country_mobile_home_park_tucson__their_creidtMHProNews has learned from Capital One that the company has arranged a $14 million Fannie Mae fixed-rate loan to refinance Rincon Country Mobile Home Park in Tucson, Arizona. Damon Reed, Senior Vice President and Capital One’s Director of MHC (manufactured housing community) Finance arranged the transaction to retire existing higher-rate interest debt.

The key principal, a repeat customer of Capital One and Reed, has owned the property for nearly 40 years. “Even though the existing loan had not yet reached maturity, the sponsor was concerned that interest rates would rise if they waited,” said Reed. “We recommended an early rate lock.” Although there was a penalty for prepayment on the existing loan, the owner will save $150,000 a year in interest. The 12-year loan has ten years of yield maintenance.

Developed in 1971, Rincon is a 540 home site age-restricted MHC ten miles from downtown Tucson, and features a clubhouse, swimming pool, rec center and library. ##

(Photo credit: Rincon Country Mobile Home Park-Tucson, AZ)

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

Rio Plaza Obtains Refi Package of $5.9M

June 4th, 2015 Comments off

rio_plaza_mobile_home_estates_king_city_ca__google__creditCapital One’s Manufactured Housing Finance has engineered a $5.9 million Fannie Mae fixed-rate loan to refinance Rio Plaza Mobile Home Estates (MHC) in King City, California. MHProNews has learned from multihousingnews the community is located in Monterey County 50 miles southeast of Salinas.

The 110 homesite all age manufactured home community (MHC), built in 1973 is 99 percent occupied and is located in a residential neighborhood close to Highway 101. The owners chose to refinance at a lower interest rate before their current loan matured. Damon Reed, Capital One senior vice president and Director of MHC Finance, said, We were able to have their loan approved and locked before treasuries started moving higher. As a result, we were able to lower their interest rate from 6.15 percent to the 4.75 percent range.

The 30-year fixed-rate loan has a 30-year amortization payable on an actual/360 basis, and provided funds for future acquisitions by the unnamed owner. ##

(Photo credit: google-Rio Plaza Mobile Home Estates, King City, CA)

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

Capital One Arranges $7.3M Fannie Mae Loan for Manufactured Home Community

March 11th, 2015 Comments off

rodeo_mobile_estates__soquel_ca_kitchen_only_shown_sold_for_399000MHProNews has learned from abladvisor that Capital One Multifamily Finance has arranged a $7.3 million Fannie Mae fixed-rate loan package to refinance Rodeo Mobile Estates, an age-restricted 55+ community of 204 homesites in Soquel, California.

“Having operated this seniors community since 1998, the owners wanted to provide funding to maintain the property and ensure low interest rates for the next ten years,” according to Damon Reed, Capital One Multifamily’s Director of MHC Finance.

“The sponsors were aware that interest rates could rise before their existing loan matured in 2016,” Reed said. “They determined that the best course of action for them was to absorb the prepayment penalty and refinance early. In the process, they reduced their interest rate by nearly 200 basis points.”

There are 9.5 years of yield maintenance on the ten-year loan, and a 30-year amortization payable on an actual/360 basis. The community was built in 1975. According to manta, Rodeo is owned by Equity LifeStyle Properties, Inc. ##

(Photo credit: senior-retirement-living–Kitchen of home in Rodeo Mobile Estates that sold for $399,000.)

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

Killam Marches on Ottawa

November 13th, 2012 Comments off

CEO Philip Fraser of Killam Properties, who called Ottawa, Canada, the nation’s capital, “one of the strongest cities for long-term investment in Ontario,” says his company is on the prowl for more acquisitions there, reports the OttawaBusinessJaournl. Based in Halifax, Nova Scotia, Killam purchased a 25 percent share in a 146-unit apartment development in Ottawa, partnering with Kuwait Finance House. In Sept. 2012 Killam shelled out $24 million for a 244-unit portfolio of four apartment buildings in Ottawa, where the vacancy rate for multi-units stands at 2.1 percent. As MHProNews knows, Killam is one of the largest owners of manufactured home communities in Canada.

(Photo credit: Killam Properties)