Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two Fannie Mae loan facilities to refinance two manufactured housing communities located in Missouri. The total Hunt Real Estate Capital investment was $6 million and the loans were provided to the same sponsor.
The properties include:
- Lakewood Estates Mobile Home Park. Lakewood Estates contains 160 mobile home pads and two rental homes located at 2710 North Fulbright Avenue and 2686 North Farm Road in Springfield, Missouri. The park was built in 1960. The transaction is a Tier 2, Fannie Mae loan with a 10-year loan term, 9.5-years yield maintenance and a 30-year amortization schedule. Lakewood Estates also has three ancillary buildings including a maintenance shed, a detached garage and a small building to house a future laundry room. There are no park owned manufactured homes on site. Property amenities include an on-site pool and playground.
- Briarwood Mobile Home Park. Located at 4950 West Farm Road 156-51 in Brookline Station, Missouri. Briarwood contains 164 pads and was built in 1988. The transaction is also a Tier 2 Fannie Mae facility with a 10-year loan term, 9.5-years of yield maintenance and a 30-year amortization schedule. There are two park-owned manufactured homes on-site, one of which is the leasing office and the other is rented.
“Lakewood Estates and Briarwood are in good condition and are both currently 88% occupied,” noted Josh Messier, Director at Hunt Real Estate Capital. “Both properties will continue to be self-managed by the Borrower who has successfully owned and operated the properties since 2008.”
“The Sponsor is a seasoned manufactured housing community owner,” added Messier. “She started her own management company in 1999 and has owned and operated apartments, manufactured housing communities and self-storage facilities ever since. She also owns three other manufactured housing communities with 120, 219 and 600 pads respectively, as well as a 400-unit self-storage facility. We were pleased to deliver this loan to a quality sponsor.”
Springfield and Brookline Station are part of the greater Springfield area. The local economy in Springfield is expanding and is one of Missouri’s top performers. The region has steady job growth and the unemployment rate has fallen to below pre-recession levels. Personal income is on the rise and the neighborhood has maintained a steady growth pattern over the past several years and is expected to continue over the next five years.