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Posts Tagged ‘MHC Finance’

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.

$11M Fannie Mae MHC Loan comes through Capital One

December 4th, 2015 Comments off

calif_riverside__old_plantation_mhc__inspirecom__the_sourceMHProNews has received word from Capital One that it has arranged an $11 million Fannie Mae fixed-rate loan to refinance Old Plantation manufactured home community (MHC) in Riverside, California.

Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction for the 223, all-age home site property owned by a repeat client of Reed and Capital One.

The borrower, Inspire Communities, as MHProNews has learned, is also one of Mobile Home University’s Top 100 Manufactured Home Community Owners with properties in ten states. The funds will be used to retire older debt and for other business purposes.

Reed said, The sponsor’s loan matured in January 2016, but was open for prepayment without penalty in September. To take advantage of historically low rates, we moved forward in late August, processing the loan through Fannie Mae’s streamlined early rate lock program. We were able to lock in the rate seven days from loan application and closed in 37 days.##

(Photo credit: Inspirecom–Old Plantation 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.