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Posts Tagged ‘rebusinessonline’

RHP Acquires two MHCs in Connecticut

August 5th, 2016 Comments off

RHP_Properties__their_credit postedDailyBusinessNewsMHProNewsMHProNews has learned from rebusinessonline that Farmington Hills, Mich-based RHP Properties has acquired two manufactured home communities (MHC) in East Hartford, Conn.

Both the 263-home site Rivermead Manufactured Home Community and the 199-home site Colonial Manufactured Home Community are all age communities but with a focus on seniors.

RHP now owns and operates 30 MHCs with over 1,200 home sites in New England. Neither the seller nor the terms of the acquisition were revealed. ##

(Photo credit: RHP Properties

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

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.

Zeman’s $9 Million Loan Acquires three MHCs in Michigan

March 23rd, 2016 Comments off

zeman_homes_logoThree manufactured home communities (MHC) have landed in the portfolio of Zeman Homes as the result of a $9 million Associated Bank loan in the Ann Arbor area of Michigan, according to what rebusinessonline tells MHProNews.

Wagon Wheel in Canton, MI, Wagon Wheel South in Belleville and Carleton Mobile Home Park in Carleton, MI all have single-section and multi-section homes in their communities. Both Wagon Wheel properties were built in the 1970s and total 377 home sites. The Carleton community has 228 home sites. ##

(Image credit: Zeman Homes)

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

Wells Fargo was Freddie’s Top MHC Seller in 2015

February 6th, 2016 1 comment

freddie_mac_loan_volume_scotsmanguide__freddie_macFollowing a story MHProNews posted Jan. 14, 2016 regarding GSEs Fannie Mae and Freddie Mac’s multifamily loans for 2015, which totaled just under $90 billion, rebusinessonline reports CBRE was Freddie’s highest-producing multifamily mortgage seller with $6.96 billion in originations.

Making the announcement at the Mortgage Bankers Association (MBA) convention in Orlando, Freddie reported Wells Fargo Multifamily Capital was the top manufactured housing community seller and affordable housing seller with $3.53 billion in originations. Freddie ranked number five on the list of the top multifamily lenders.

The nation’s largest source of financing for multifamily housing, Freddie Mac’s loans range from $1 million to several billion dollars. Approximately 90 percent of the loans are for low-to-moderate income rental units. Additionally, Freddie securitizes about 90 percent of the multifamily loans it purchases, which transfers the credit risk from taxpayers to private investors. ##

(Image credit:scotsmanguide-Freddie Mac loan volume)

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