Hunt Real Estate Capital announced today that it has provided a Fannie Mae DUS® conventional multifamily loan in the amount of $6 million to refinance two manufactured housing communities located in Layton, Utah.
Country Village MHC and Mountain View Estates MHC are two non-contiguous manufactured housing communities. Both properties are three-and-a-half-star (all-age) manufactured housing properties that have 149 manufactured housing sites.
The loan has a 10-year term and features interest only for the first four years.
“The borrowers are seasoned manufactured housing owners in the Utah area. They have an excellent reputation in the industry, and I am very privileged to have worked with them for so many years,” stated Chad Hagwood, Senior Managing Director and MHC Production Head at Hunt Real Estate Capital.
The properties were developed in 1973 and 1975 and are situated on a total of 22.4 acres. The properties offer 310 parking spaces, including two spaces for each home, and guest parking is located throughout the parks. The properties currently have two vacant sites.
“I would like to applaud the entire deal team for executing another solid manufactured housing community transaction from quote to close, and a big thank you to our partners at Fannie Mae for collaborating with us to provide an excellent deal structure for our client and their quality property,” added Hagwood.
All of the manufactured homes are professionally skirted with concealed hitches. There are 34 single-wide sites and 28 double-wide sites at Country Village, and there are 59 single-wide sites and 25 double-wide sites at Mountain View.
“Having a successful track record in financing manufactured housing communities is paramount, and with over 20 years of expertise as a leader in in the industry, we welcome the opportunity to put that expert knowledge to work on our next MHC transaction,” concluded Hagwood.
Property amenities include a clubhouse, playground, and basketball courts. The property is located in the southern portion of the Ogden Metropolitan Statistical Area.