The borrower is Hidden Acres MHP, LP, a California limited partnership. The loan term is seven years and yield maintenance will apply during the first 6.5 years with a 1% prepayment fee thereafter with no fee due for the last 90 days.
Hidden Acres is a manufactured housing community that is comprised of two buildings – a clubhouse and maintenance building – and 101 manufactured housing pads. The site is situated on a 14-acre parcel of land. The property offers 206 parking spaces, including two spaces for each home, as well as four guest parking spaces located at the clubhouse. The property currently has 11 vacant pads.
All of the manufactured housing units onsite are all professionally skirted with hitches and jack posts concealed. More than half (64%) of the homes are double-wide or triple-wide at the property and the plots can all accommodate multi-sectional homes.
“The borrower is a seasoned local manufactured housing investor with more than 40 years of experience in the commercial real estate industry,” noted Steven Cox, Senior Managing Director at Hunt Real Estate Capital. “He has extensive knowledge in management, investment, and development of a variety of assets and manages nearly all of his assets. He currently owns interest in nine manufactured housing communities located in California, Arizona, and Mississippi.”
Since the beginning of 2016, the borrower has spent just over $56,000 in capital improvements at the property, including plumbing upgrades, electrical work, painting, parking area, fencing and landscaping.
“The borrower is also a repeat Hunt Real Estate Capital client,” added Cox. “Earlier this year we financed Stadium Club, a 51-unit apartment complex in partnership. We were pleased to provide this loan to a solid borrower on another deal to provide quality housing options for local families.”
Susanville is the county seat of Lassen County and is located approximately 85 miles north of Reno, Nevada. Project amenities include a clubhouse, billiards, horseshoes, and tetherball.