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Posts Tagged ‘jaws’

And Now for the Rest of the Story……..

June 28th, 2012 Comments off

Following a Daily Business News post from June 18, 2012 about two MHCs in Carver, Massachusetts being snatched from the jaws of Equity Lifestyle Properties and becoming co-operatives, MHProNews has learned from boston, according to MA law, MHC residents have the first right of refusal if their community is being sold. Pine Tree Village (family, 186 homes) and Cranberry Village (55+, 280 homes) owner David Piper signed an agreement to sell the pair to ELS in Dec. 2011 for $22 million, a figure the residents had to match. The residents approached Piper with their offer the day before he was set to close with ELS. ROC (resident-owned communities) USA, a specialist in MHC co-operatives, arranged the 30 year mortgages for each community—6% for Pine Tree, 6.2% for Cranberry. Massachusetts-based Community Development Institute assisted ROC in developing budgets, finding a management team, and setting up operations.

(Photo credit: Amelia Kunhardt/The Patriot Ledger—Pine Tree residents Susan Roovers with daughter Whitford)

Set of MHCs Becoming Resident-owned

June 18th, 2012 Comments off

EnterpriseNews tells us 450 MHC homeowners from two different MHCs in Carver, Massachusetts, in the southeast part of the state, may soon become their own landlords. The nonprofit ROC (resident-owned communities) is assisting in the $23 million deal for Pine Tree Village and Cranberry Village to become community-owned co-ops, which essentially saved the two MHCs from the jaws of Sam Zell’s Equity Lifestyle Properties (ELS). Headquartered in New Hampshire, and working in 23 states, ROC says of the estimated 50,000 MHCs in the nation, 800-1,000 are resident-owned. MHProNews.com has learned the transaction could be finalized as early as Wed. June 20.

(Photo credit: Amelia Kunhardt/The Patriot Ledger—Susan Roovers with daughter Whitford at Pine Tree Village)