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Calif. Resident-owned MHC Obtains Freddie Mac Financing

May 2nd, 2016 Comments off

Calif_Apache_Mobile_Home_Park_roc_Grandbridge_rel_estate_capitalMHProNews has learned from Daniel Din, who manages the MHC (manufactured home community) Lending Program for Freddie Mac, of Grandbridge Real Estate Capital’s $3,600,000 permanent fixed-rate loan arranged for the Apache Mobile Home Park in Yucca Valley, California in San Bernardino County.

Built in 1963, the 136-home site resident-owned community sits on 16 acres and is restricted to 55 and older.

The refinance was provided through Freddie Mac’s Standard Delivery Manufactured Housing Community loan product, and was originated by Grandbridge’s Chris Dyson and Todd Elkins, a team with a long history of innovative MHC financing. It was the first loan closed by Grandbridge and Freddie Mac with a cooperatively-owned MHC, said Elkins.

He added, “Historically, loans for MHCs with this ownership profile were only attainable through banks and a select group of life insurance companies. We are excited about the future opportunities now available to finance resident-owned communities (especially in California and Florida) and appreciate Freddie Mac’s dedication and creativity.

Noting Apache had a ten-year loan that needed to be refinanced soon, Apache Board of Directors President Lee Gardner stated Grandbridge and Freddie Mac “worked together to provide Apache Mobile Home Park the best financing and we are so pleased with the outcome.” Grandbridge is headquartered in Charlotte, NC.

The residents of Apache Mobile Home Park take great pride in their community and we were happy to meet their refinancing needs. We hope that that this is the first of many resident-owned communities we will support,” stated Kelly Brady, Vice President of Underwriting and Credit for Freddie Mac Multifamily. ##

(Photo credit: Grandbridge Real Estate Capital-Apache Mobile Home Park)

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

State: MHC Sold Unlivable Home

January 24th, 2013 Comments off

DesertDispatch reports from Barstow, Calif. in San Bernardino County a factory-built home sold to a family at the Hacienda Mobile Home Park was alleged to have black mold, running sewage, an open electrical panel and a leaking water heater. Deemed uninhabitable by the Dept. of Housing and Community Development, Hacienda was cited for selling a substandard housing unit and has 30 days to repair the damaged home before trying to sell it again. MHProNews has been informed the Dept. of Housing noted 16 violations, including holes in the floor in two bathrooms, two bedrooms, a hallway and water heater compartment. The community manager claims the family inflicted the damage to get out of the contract.

(Photo credit: Brooke Self/desertdispatch–family with uninhabitable home)