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Posts Tagged ‘sierra corporate management’

Capital One Provides Loan for Purchase of Calif. Manufactured Home Community

January 6th, 2016 Comments off

Calif__sierra_mobile_home_park_santa_clarita__mhphoa__creditA press release from Capital One reveals it has arranged a $3.27 million Fannie Mae adjustable-rate loan for the purchase of Sierra Mobile Home Park in Santa Clarita, California. The seniors-only community has 74 home sites and features a clubhouse, pool and laundry room.

Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Southeast office in Birmingham, Ala. originated the transaction. The seven-year loan has a three-year interest only period with amortization on a 30-year schedule.

Sierra Mobile Home Park was built in 1956 and has been in the hands of the same owner for 50 years. The borrower intends to increase occupancy and adjust rates to market levels as it aims to increase its net operating income (NOI).

Separately, MHProNews has learned from MHPHOA that Kort & Scott Financial Group (KSFG) purchased Sierra in Oct. 2015, managed by Sierra Corporate Management, and that site rents are $650/mth. In a phone call, Capital One would neither confirm nor deny that KSFG is the current owner.

MHPHOA (Mobile Home Park Home Owners Allegiance) is a grass roots organization that advocates on behalf of residents of manufactured home communities. ##

(Photo credit: Google Earth/MHPHOA–Sierra Mobile Home Park)

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

Repairable Manufactured Homes Saved for the Wrecking Ball

December 23rd, 2013 Comments off

The manufactured homes in Marina Park manufactured housing community (MHC) in Newport Beach, California were bought by the city for $35,000 each in 2007 as the result of a settlement agreement after the MHC closed. Set to become a public park, the city had awarded a $405,000 contract to a demolition company to dispose of as needed when Amber Monte of Investment Property Group, owner of 70 MHCs in the western U. S. agreed to buy 30 of the remaining 60 homes. “They were all in decent condition, and they’re totally movable,” she noted to MHProNews. Abe Arrigotti, president of Sierra Corporate Management, which owns 35 MHCs, according to dailypilot.com, bought 17 of the homes to relocate. Eleven others were deemed unsound structurally and will be demolished.

(Photo credit: Scott Smeltzer/dailypilot.com)