Hunt Real Estate Capital provided a Fannie Mae conventional multifamily loan in the amount of $13.7 million to refinance a manufactured housing community located in Santa Fe, New Mexico.
Sierra Vista MHC is a 229-pad, Level 4 mobile home community. Included in the 229 units are 22 community-owned homes, of which one is used as a residence for the community manager with a separate but connected area used as a leasing office.
The property was built in 1985, is 99% occupied, and is in good condition. Property amenities include a leasing office, soccer field, playground, and RV/boat storage area.
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.
“The borrowers have extensive experience investing in manufactured housing properties and have successfully owned and operated Sierra Vista for 30 years,” noted Josh Messier, Managing Director at Hunt Real Estate Capital. “Over their long history in the sector, the borrower has owned and managed over 15,000 pads across 45 parks. They are also a repeat Hunt Real Estate Capital client, which enabled them to rate lock and close quickly in a rising interest rate environment.”
“Sierra Vista is located in an area with a diverse mix of residential and commercial properties,” added Messier. “Due to home values and apartment rents across Santa Fe, the city has been pushing for affordable housing options. Sierra Vista fills that void. We were pleased to provide the financing needed to secure this property for a strong manufactured housing sponsor.”