Hunt Real Estate Capital announced it has closed three Fannie Mae conventional loans totaling $24.2 million for manufactured housing communities (MHCs) in the greater Phoenix area.

The experienced sponsor manages a total of 2,090 sites in the western U.S. and is a repeat Hunt client and Fannie Mae borrower. The three properties contain 519 units and are four-star parks restricted to tenants 55 and older.

“These properties, which are made for single- and double-wide homes and RV rental spaces, serve the senior community of Apache Junction well,” said Bryan Cullen, senior managing director at Hunt Real Estate Capital. “The owner will continue to install park models in a number of spaces as the market demands.”

The three loans were limited to Tier 4 underwriting standards (1.55 debt service coverage (DSC) and 55% loan-to-value (LTV)) and all carry 15-year, interest-only terms. This refinance lowered the rate significantly and provided cash out to the borrower while retaining reliable, long-term cash flow.

“These loans were very rate sensitive, so we had to rate lock before we even hired the third parties,” said Brian Mills of Real Estate Capital Advisors, a representative of the borrower. “Hunt kept an eye on the market and was able to lock during a small window in mid-March before the markets softened dramatically.”