Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a $3 million Fannie Mae loan to refinance a manufactured housing community located in El Centro, California.
Gio’s Mobile Home Estates is located at 1850 Lincoln Avenue and contains 271 spaces for manufactured homes. The subject loan has a ten-year loan term, 9.5-years yield maintenance, and a 10-year amortization schedule. The property is self-managed by the borrowers.
“The sponsors have more than 40 years of mobile home ownership and management experience and originally built and leased this property in the 1970s,” noted Chris Warren, Vice President at Hunt Real Estate Capital. “The loan provided was a great opportunity for the sponsors to lock in attractive ten-year fixed rates and per the client’s request, Hunt Real Estate Capital was able to fully amortize the loan over ten years.”
Gio’s Mobile Home Estates is an all-age community that was developed in three stages. The first stage was built in 1975, the second in the late 1970s and third in 1987. Gio’s Mobile Home Estates leases mobile home pads to residents who provide their own mobile homes. There are currently 542 home site parking spaces and 100 guest spaces. The park is currently 95.6% occupied.
The property is located in El Centro, California, within the Imperial County market. The Imperial Valley is accessible via Interstate Highway 8 which extends in an east/west alignment from Arizona on the east to San Diego and the Pacific Ocean on the west, and via State Highways 86 and 111 which run north/south from Indio on the north to the Mexican border on the south.
“We were pleased to provide this financing to a quality local sponsor that is providing much needed affordable housing to the local community,” added Warren.
Property amenities include a clubhouse, two pools, spa, billiards, basketball, playground, business center, and laundry.