December 13, 2017 Comments Off on Financing Arranged for Santee Manufactured Home Community Views: 861 California News, San Diego

Financing Arranged for Santee Manufactured Home Community

HFF arranged $8.6 million in financing for Mission Gorge Villa, a 140-home site, Class A manufactured home community for seniors (age 55+) in the San Diego County community of Santee. The HFF team worked on behalf of the borrower, Chicago-based Hometown America, to secure the 10-year, fixed-rate, full-term interest-only loan through Freddie Mac.

The loan will be serviced by HFF, a Freddie Mac Multifamily approved seller/servicer for conventional loans. Loan proceeds were used to replenish equity used to acquire the property.

Mission Gorge Villa is situated on 15.9 acres at 8545 Mission Gorge Rd., about 17 miles northeast of downtown San Diego. The property consists of 100% multi-section or larger home sites, which are 100 percent leased.  Amenities include a clubhouse, pool and spa, laundry facilities, RV storage and high-quality landscaping throughout the community.

HFF’s Zach Koucos and Bharat Madan handled the deal.

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