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Posts Tagged ‘damon reed’

Country Cousin Obtains a Fannie Mae Refi Loan

April 27th, 2016 Comments off

michigan__country_cousin_mhc_novi_mich__their_creditDamon Reed of Capital One has engineered a Fannie Mae $4.7 million fixed-rate refinancing package for a 309 home site manufactured home community (MHC)in Novi, Michigan, about 30 miles northwest of Detroit. Built in two phases, 212 sites of Country Cousin Manufactured Home Community were constructed in 1966, and 99 home sites were added in 1996.

The ten-year loan has 9.5 years of yield maintenance, as rebusinessonline informs MHProNews, and a 30-year amortization schedule. ##

(Photo credit:Country Cousin Manufactured Home Community)

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

 

Lakeside Manufactured Home Community Receives $6M Fannie Mae Refi

April 20th, 2016 Comments off

Iowa__lakeside_mobile_home_community__carter_lake_IA__inspireMHProNews has learned Capital One arranged the refinancing for Lakeside Mobile Home Community just northeast of Omaha, Nebraska at Carter Lake, Iowa, providing a $6 million adjustable-rate Fannie Mae loan for the 329-home site manufactured home community.

Part of Inspire Communities, the funds will be used to retire older debt, complete capital improvements and purchase new homes, according to rebusinessonline. Built in the early 1970s, Lakeside features a swimming pool, clubhouse, basketball court, playground and storm shelter.

Damon Reed of Capital One facilitated the transaction, which includes a seven-year term and 30-year amortization schedule. ##

(Photo credit:Lakeside Mobile Home Community)

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

Fannie Mae Funds $5M Refi of Napa Olympia MHC in Calif.

April 1st, 2016 Comments off

mfg homes  nbcsandiego creditCapital One Multifamily informs MHProNews that it arranged a $5.0 million Fannie Mae 30-year term fixed-rate loan to refinance the Napa Olympia Mobile Lodge in American Canyon, Calif. Marking their 11th Fannie Mae transaction with Capital One, the owners acquired the property in 2005 with a ground lease in place.

The lessor agreed to extend the lease from seven years to 32.5 years, thereby allowing the owners to obtain new long-term debt on Napa Olympia, but then imposed a hard deadline on completing the transaction. Damon Reed, Capital One’s Director of MHC Finance, originated the transaction and he and his staff managed to get the loan approved within 35 days of application.

The funds will allow Napa to retire higher-interest rate debt, complete upgrades to the community and add equity to the partnership. The all-age 201-home site MHC, located 75 miles northwest of San Francisco, was built in 1968 and features a swimming pool, spa and RV storage. ##

(Photo credit: nbcsandiego–manufactured home community)

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

Capital One Arranges $7.7M Loan for Manufactured Home Community

December 4th, 2015 Comments off

CA_Chico__casa_de_flores_mhc__mhvillage_creditMHProNews has learned from abladvisor that Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, arranged a $7.7 million refinance Fannie Mae loan for Casa de Flores manufactured home community (MHC) in Chico, California. The owner intends to retire higher-rate interest debt and make improvements to the community.

We recommended that the sponsor execute a forward rate lock in April and close the loan when the prepayment penalty period burned off,” Reed said. The owner was able to lock in a low interest rate.

A 309 home site MHC with historically near full occupancy, Casa de Flores offers a range of amenities including a secure RV storage facility.

The 10-year fixed-rate loan has 9.5 years of yield maintenance. ##

(Photo credit: MHVillage–Casa de Flores MHC, Chico, CA)

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

Capital One Arranges Financing for Manufactured Home Community

November 2nd, 2015 Comments off

mfg community  california  progressive housing creditMHProNews has been informed that Capital One’s Damon Reed, Senior Vice President and Director of MHC Finance for the Multifamily Division, has arranged a $5.8 million Fannie Mae fixed-rate loan for the acquisition of Orosi Estates in Orosi, California, 200 miles north of Los Angeles.

The 128 manufactured home community (MHC) was built in 1975 and includes a pool and clubhouse. The community is in good condition and almost fully occupied. While not immediately identified, buyer and seller have 30 years MHC experience and are both repeat customers of Capital One and Reed.

Time was of the essence in this transaction,” Reed said. We closed the loan in 45 days from application and delivered on our quote as advertised. The 10-year FR loan has 9.5 years of yield maintenance, and a one-year interest only period followed by a 30-year amortization schedule. ##

(Photo credit: progressivehome-California manufactured home community)

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

 

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

September 3rd, 2015 Comments off

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.

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.

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.

Capital One Arranges Purchase of CA Manufactured Home Community

July 23rd, 2015 Comments off

mfg community  california  progressive housing creditAccording to abladvisor, Capital One has provided a $4.6 million fixed-rate loan for a repeat client to acquire Ocean West, a 127-unit, age-restricted manufactured home community (MHC) in McKinleyville, California. Built in 1979 and renovated in 1986, the property is located less than a mile from the Pacific Ocean, and remains near full occupancy.

Two parcels of adjacent land associated with the community ownership may be developed at some point for expansion. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, who originated the transaction, said, “To facilitate this expansion, we inserted language in the loan documents that would allow the second phase to be added to the existing collateral at a later date. This sets the stage for an additional loan once the second phase is leased.

MHProNews has learned the 12-year fixed-rate loan has five years of interest-only payments and 11.5 years of yield maintenance, followed by a 30-year amortization payable on an actual/360 basis. ##

(Photo credit: progressivehousing–manufactured home community in California)

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

Capital One Arranges Financing for Manufactured Home Community

July 1st, 2015 Comments off

catalina_village_phoenix_az__teir_creditMHProNews has learned Capital One arranged an $11.9 million fixed-rate Freddie Mac loan to refinance Catalina Village, an all-age manufactured home community (MHC) in Phoenix, Arizona. The borrower has owned Catalina for 20 years and regular investments in capital improvements have helped maintain a high occupancy rate. Proximity to two interstates and downtown Phoenix adds to the attractiveness of the MHC.

Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, originated the transaction which will retire higher-rate debt and provide funds to purchase other properties. He said, “We were able to lock the rate early before treasuries increased dramatically. The interest rate on the new loan was approximately 200 basis points lower than the rate on the loan that was paid off.” By retiring his existing debt early, the owner of the 376 home site community incurred a penalty.

The 30-year fixed-rate loan has 10 years of interest-only payments, seven years of yield maintenance, and payable on an actual/360 basis. ##

(Photo credit: Catalina Village, Phoenix Arizona)

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