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Posts Tagged ‘McKinleyville California’

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.

Rights of Manufactured Home Community Residents to be the Topic

June 12th, 2015 Comments off

mfg home  sfgate credit  san farn chronicleThe rights of residents of manufactured home communities (MHCs) will be the topic at a meeting in McKinleyville, California on Sat., June 13 sponsored by two advocacy groups, the Humboldt Mobilehome Owners Coalition and the Golden State Manufactured Homeowners League.

Mary Ella Anderson with the Humboldt group says site rents have increased $57 a month in the last three years, and many of the residents are on fixed incomes, according to times-standard. Golden State is an advocacy group for MHC residents, often opposing rent hikes and redevelopment of communities. The seminar will be held at Ocean West Senior Village in this city on northern California’s Pacific coast.

MHProNews understands Anderson when she says, “There’s a kind of revolution going on with people seeing mobile home parks as good investments.” ##

(Photo credit: sanfranchronicle–manufactured home)

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