SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $65.7 million in combined financing for 11 manufactured home communities totaling 1,605 home sites located in California and Oregon since April 1, 2015.
Financing for the 11 properties closed in separate transactions between April 1 and July 15, 2015. HFF executed the individual loans with a variety of capital sources including Freddie Mac, Fannie Mae, life insurance companies, CMBS conduits and regional banks. All 11 loans feature 10-year fixed-rates, 30-year amortizations and are non-recourse. The financing requests were widely marketed by the HFF team, and the most optimal lender was selected for each property with respect to loan proceeds, rate and terms.
Individual transaction details are listed below:
|Property Name and Location||Home Sites||Loan Proceeds|
|Stardust – Colton, California||103||$3,525,000|
|Sierra Lakes – Rocklin, California||228||$11,000,000|
|Heritage Oak Glen – Orangevale, California||121||$6,000,000|
|Cordovan – Sacramento, California||177||$9,100,000|
|Town & Country Estates – Orcutt, California||185||$7,515,000|
|Hollywood Estates – Salem, Oregon||115||$4,000,000|
|Merced – Merced, California||120||$3,500,000|
|Starlite – Fontana, California||80||$3,640,000|
|Royal – Windsor, California||88||$4,620,000|
|Twin Lakes – Shasta, California||182||$6,800,000|
|Royal Crest – Fortuna, California||206||$6,000,000|
The HFF debt placement team representing the borrowers was led by director Zach Koucos and senior managing director Tim Wright.
“The capital marketplace for manufactured home communities is extremely healthy. Demand for MHC’s on the part of lenders and investors alike, particularly in coastal markets, is as strong as we have ever seen. More people are taking note of the merits of this asset class, and it has created significant competition,” Koucos said.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.