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Posts Tagged ‘chad thomas hagwood’

Capital One Provides Loan for Purchase of Calif. Manufactured Home Community

January 6th, 2016 Comments off

Calif__sierra_mobile_home_park_santa_clarita__mhphoa__creditA press release from Capital One reveals it has arranged a $3.27 million Fannie Mae adjustable-rate loan for the purchase of Sierra Mobile Home Park in Santa Clarita, California. The seniors-only community has 74 home sites and features a clubhouse, pool and laundry room.

Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Southeast office in Birmingham, Ala. originated the transaction. The seven-year loan has a three-year interest only period with amortization on a 30-year schedule.

Sierra Mobile Home Park was built in 1956 and has been in the hands of the same owner for 50 years. The borrower intends to increase occupancy and adjust rates to market levels as it aims to increase its net operating income (NOI).

Separately, MHProNews has learned from MHPHOA that Kort & Scott Financial Group (KSFG) purchased Sierra in Oct. 2015, managed by Sierra Corporate Management, and that site rents are $650/mth. In a phone call, Capital One would neither confirm nor deny that KSFG is the current owner.

MHPHOA (Mobile Home Park Home Owners Allegiance) is a grass roots organization that advocates on behalf of residents of manufactured home communities. ##

(Photo credit: Google Earth/MHPHOA–Sierra Mobile Home Park)

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

Capital One Provides $11M+ Loan for Starlight in Southern CA

December 28th, 2015 Comments off

calif_riverside__old_plantation_mhc__inspirecom__the_sourceFormulating a seven-year adjustable-rate loan with a two-year interest only period, Capital One has arranged a Freddie Mac $11.719 million refinance for Starlight Mobile Home Park senior-only manufactured home community (MHC) in El Cajon, CA. Senior Vice President Chad Thomas Hagwood, of the Birmingham, AL multi family office, originated the transaction, according to abaladvisor.

Nearly two-thirds of the 162 homes are owned by Starlight, which offers a clubhouse, pool, spa and community laundry. We structured the deal with two years’ interest only,” Hagwood said. “This will give the borrower the chance to put the park on more solid footing.MHProNews understands the interest only period will be followed by amortization on a 30-year schedule. The borrower bought Starlight in May of this year. ##

(Photo credit: inspire–Old Plantation manufactured home community, Riverside, CA)

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

 

Capital One Brokers Loan for Orange Grove Land Lease Community

November 18th, 2015 Comments off

orange_grove_mhc__san_fernando_ca__google_maps__creditMHProNews has learned from Capital One that it arranged a $3.1 million fixed-rate loan package through Ladder Capital Finance to refinance the Orange Grove manufactured home community (MHC) in San Fernando, California. Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Birmingham, Ala. office, brokered the transaction for the 77 home site community.

With over 30 years in the MHC business, Orange Grove MHP Group, LLC has owned Orange Grove 20 years and currently owns and operates 11 MHCs in Arizona, California, Colorado, Georgia, and New Mexico. Hagwood has worked with Orange Grove in the past.

Amortized on a 30-year schedule payable on an actual/360 basis, the fixed-rate loan has a ten-year term. ##

(Photo credit: googlemaps–Orange Grove manufactured home community)

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

Capital One Closes $150 Million in Deals in 45 Days

July 31st, 2015 Comments off

capital_one__their_ceditCapital One informs MHProNews that during the past 45 days it has completed 17 transactions for manufactured housing community investors providing over $150 million in funding. Led by Senior Vice Presidents Chad Thomas Hagwood and Damon Reed, the properties were located in Arizona, California, Colorado and Oregon, indicating the wide each of Capital One, and involved transactions with Fannie Mae, Freddie Mac and CMBS lenders.

In one instance Reed has assisted the financing of one borrowers asset four times in 18 years. “My practice is to present borrowers with a range of options, along with the rationale for those options, so they can make a decision that reflects their goals,” Reed explained. “Repeat borrowers are fundamental to achieving this level of volume.

Hagwood states their experience tells them which lender best meets the needs of each specific borrower. “We can offer an informed opinion, based on the hundreds of deals we’ve closed, whether Fannie is likely to grant a waiver for a specific issue,” Hagwood said. “This sort of experience-based knowledge streamlines the process and cements the best deal for the customer. Our customers know that when we issue a loan application, the deal is going to close.

Reed adds: “Our borrowers trust us,” Reed said. “Even in situations where their deposit has become nonrefundable, they are confident that our team will get the deals approved.” ##

(Image credit: Capital One)

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

Beech St. Capital Refinances Manufactured Home Communities

December 6th, 2013 Comments off

MHProNews has learned from cpexecutive.com Bethesda, Maryland-based Beech Street Capital has refinanced eight manufactured housing communities for $158 million through Fannie Mae. Chad Thomas Hagwood of Beech St. says, “The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.” The seven-year, fixed-rate loans have a 10-year term, three years of interest-only payments, 9 1/2 years of yield maintenance and 30 years of amortization, payable on an actual/360 basis. Hagwood says no major renovations are on the drawing board for the properties which are located in California and New Mexico, but smaller enhancements will be undertaken.

(Photo credit: cpexecutive.com/Lynn Armitage–MHC)