Posts Tagged ‘trustee’

Canadian Firm Gobbling Up Dozens of Manufactured Home Communities

April 4th, 2019 Comments off


New Canadian Apartment Properties Real Estate Investment Trust CEO Mark Kenney isn’t wasting any time putting his stamp on the trust, announcing its second major purchase of manufactured homes communities (MHCs) in the past three weeks. The latest acquisition of 23 Canadian communities, comprising 3,469 pads, means the trust will have grown its MHC portfolio by 45 per cent in that short span,” said Real Estate News Exchange (RENX).


NBC News 29 said, “Mark Kenney has been appointed Chief Executive Officer of CAPREIT and as a member of CAPREIT’s board of trustees, effective March 27, 2019.”

MarketWatch reported on November 14, 2018 that “Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) (“CAPREIT”) today announced that Mark Kenney has been appointed President of CAPREIT, in addition to his current role of Chief Operating Officer, effective today.”

The video posted below is a testimonial/plug for a service provider, but gives the reader a chance to see Kenny, here his voice, etc.



Bloomberg’s ticker reflects the following trends since November 14, 2018, when the executive change noted was announced.




We look to continue expanding this highly accretive aspect of our business going forward,” Kenney told RENX in an interview, speaking about manufactured home communities.

in March, CAPRIET announced a deal for 11 communities in Ontario, B.C. and Alberta. The trust’s portfolio will grow to some 11,166 sites in 68 communities when both transactions have closed.

Kenney said CAPREIT likes the manufactured home communities market for its steady cash flow and minimal capital costs.  That sums up the view of several who have done both multifamily apartments and manufactured home communities.




Funding the Deal

CAPREIT said they will be doing a $300-million share offering, issuing 6,125,000 shares at $49 per unit to a syndicate of underwriters led by RBC Capital Markets. That offering is expected to close by April 23, said RENX.

  • $116 million of those proceeds will fund the equity portion of the most recent purchase. CAPREIT stated it expects its debt ratio to remain unchanged, roughly 38 percent.
  • The most recent acquisitions of MHCs by the Canadian REIT are located in five provinces, but are concentrated in three regions: 47 per cent in Atlantic Canada, 23 per cent in Ontario and 30 per cent in Alberta. Occupancy stands at 95.4 per cent.
  • Beyond the equity funding, CAPREIT assumes $66 million in existing mortgages with a weighted average interest rate of 3.4 per cent and a weighted average term of 2-1/2 years. Closing is expected in May 2019, subject to approvals.

While the two nations have their clear differences, some of the dynamics in Canada for their manufactured homes and communities have some similarities to their southern neighbors in the United States.

The Daily Business News on MHProNews will be adding CAPREIT to its evening market report watchlist/closing ticker.



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Fake Court Documents Bring Fraud Charges

December 28th, 2012 Comments off

SecuringIndustry informs MHProNews websites in California are selling fake documents that can be used to stall foreclosure proceedings on properties. The phony court documents claim the debt has been repaid or the trustee has been changed. Online ads claim the documents can tie up banks in administrative proceedings for years. Prosecutors are building fraud cases against four homeowners for filing phony documents, while clerks who handle filings now alert investigators . The Modesto Bee in Stanislaus County, just east of San Francisco, reviewed a website that claims its 2,600 customers have not made a mortgage payment in two years.

(Image credit: Google Images)

Foreclosures Nudge up August over July

September 21st, 2012 Comments off

CNNMoney reports foreclosure filings increased one percent in August over July as lenders slogged through a backlog of delinquencies and defaults. Scheduled auctions, default notices and bank repossessions were filed on 193,508 properties in August. Despite the increase, filings fell 15 percent from a year earlier. Foreclosures are rising in states where the process must go through court proceedings (judicial states), such as New Jersey, New York and Maryland, but falling in non-judicial states where they are handled by a trustee—Nevada, California, Arizona and the District of Columbia. The $25 billion foreclosure abuse settlement in April has contributed to the rise in foreclosure activity, as it sets out a definite path to follow when going through the process, as MHProNews has learned.

(Image credit: condometropolis)

Ignored Foreclosed Homes: Who’s Responsible?

August 29th, 2012 Comments off

CNNmoney says in a complaint filed last month, the Los Angeles city attorney’s office accused U.S. Bank of contributing to crime, blighting neighborhoods, and harming property values by failing to maintain 170 foreclosed properties. With 3,000 branches in 25 states, the nation’s fifth largest bank is being called the largest slumlord in LA. The bank says the mortgage servicer that’s been collecting payments is responsible for maintenance, that the bank is merely the trustee. In some instances banks have the mortgages on their books. In the case of securitized loans, a trustee will distribute payments from servicers to the bondholders who own the mortgages, thereby complicating the responsibility for the property. As MHProNews has learned, according to LA City Assistant Attorney Tina Hess, trustees need to assume responsibility if the servicer fails to maintain the property. RealtyTrac says the number of foreclosed homes owned by lenders has dropped from one million in January 2011 to approximately 620,000. Daren Blomquist, vice president of RealtyTrac, says the longer they sit, the more likely they fall into disrepair, causing neighborhood values to plummet.

(Photo credit: Jillian Berman/Getty Images)