August 6, 2020
Hunt Real Estate Capital provided three Fannie Mae conventional loans totaling $41.4 million to refinance manufactured housing communities (MHCs) in the western U.S. The refinancing lowered the interest rate significantly and provided cash-out to the borrower while retaining reliable, long-term cash flow.
Hunt’s Chad Hagwood says, “It’s a testament to both the strong sponsor and our team at Hunt that we were able to deliver on these transactions despite challenges caused by COVID-19.”
The experienced sponsor, a repeat Hunt client and Fannie Mae borrower, has owned and managed MHC properties for more than 30 years, with a portfolio exceeding 2,100 sites. The properties include:
– Tempe Cascade Mobile Home Estates, a 273-site community in Tempe, AZ.
– Cottonwood Estates, an 83-site MHC located in Uintah, UT (pictured).
– Midland MHC features 224 sites and a single-family home located in Roy, UT.
The three MHCs are 100% mission-driven and share the same management company. The transactions were arranged by Sterling Financial Mortgage & Investment’s Tom Houlihan.
For comments, questions or concerns, please contact Dennis Kaiser