The loan has a ten-year term with a thirty-year amortization period and 114 months yield maintenance. The borrower is a diversified real estate investment firm with a long record of accomplishment in the MHC sector.
Boulder Meadows MHC is a 638-unit, 4-Star multifamily/mobile home park community. Included in the 638 units are 97 community-owned homes, of which three are used as residences for the community manager, maintenance supervisor, and for corporate use.
Boulder Meadows was developed in 1970 and is 99% leased. The property is in good condition and has asphalt paved roads with curbing and sidewalks. Property amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court, security, leasing office, and public water/sewer.
“The borrowers have successfully owned and operated Boulder Meadows MHC for 30 years and have extensive experience investing in manufactured housing properties,” noted Josh Messier, Managing Director at Hunt Real Estate Capital. “Over their long history in the sector, they have owned and managed over 15,000 pads across 45 parks.”
“Over the past four years, the owners have spent approximately $1 million on capital improvements,” added Messier. “In addition, they plan to invest in additional non-recurring site projects.” Planned improvements on-site include sewer upgrades, installation of a gate to the sports court, site/pedestal upgrades and driveway overlays.
“We were pleased to provide the financing needed to secure this property for a strong manufactured housing sponsor and provide quality affordable housing for the residents of Boulder,” concluded Messier.