Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a $5.3 million Fannie Mae loan to refinance The Trails of Oak Hills, a Manufactured Housing Community located in Austin, Texas. Manufactured Housing Communities are one of several new asset classes Hunt Real Estate Capital now serves as it significantly expanded its platform last year.
The new loan includes a 10-year term, 30-year amortization period, and a 9.5 year yield maintenance period. The borrower is Wier Hills Ltd., a Texas limited partnership backed by Charles “Mac” Spellmann, Jr.
“The borrower is a new Hunt Real Estate Capital customer who developed the property 15 years ago and has continuously owned and operated it since,” noted Mark Besharaty, Director at Hunt Real Estate Capital. “Mac has over 25 years of experience in both owning and operating manufactured housing communities and currently owns two such properties with a total of 335 sites.”
Comprised of 51.57 acres and a clubhouse building as the only permanent structure, The Trails of Oak Hills houses 180 manufactured housing sites with utility connections. No sites are sized for, or occupied by, RVs and at least 90% of the sites will accommodate double wide homes. The property was developed in 2002. Most of the units onsite are within 15 years old, having been newly installed in 2002. All are professionally skirted with hitches and jack posts concealed or removed.
“This is a quality property that has been performing very well,” added Carl Pankratz, Vice President of Originations at Hunt Real Estate Capital. “Over the past 24 months, occupancy at The Trails of Oak Hills has averaged 98% with no single month below 97%, and, the property is currently full. We were pleased to deliver on this transaction.”
Property amenities include an outdoor swimming pool, playground and fishing pond. All residential units are owned by individual tenants and parking is available on-site.