Colorado Mobile Homes Receive $5M Loan
- Sep 28, 2020
Hunt Real Estate Capital has originated a $5.2 million Fannie Mae small balance loan for Blue Spruce Mobile Home Park in Berthoud, Colo. The debt comprises a low, fixed interest rate, as well as a 10-year term with five years of interest-only period on a 30-year amortization schedule.
Public records show the financing will retire an existing $2 million loan from Citywide Banks. The loan was taken out at the beginning of 2014, when the out-of-state private investor spent $2.6 million to acquire the 95-site community.
Located at 230 N. Second St., the property is within walking distance from public transit, retail and dining options, almost 6 miles from Interstate 25 and 46 miles north of downtown Denver. Completed in 1975, the community sits on roughly 11 acres and is adjacent to Pinewood Mobile Home Park.
Hunt Real Estate Capital Managing Director Owen Breheny arranged the financing. At the beginning of August, Hunt provided $41 million Fannie Mae debt for three manufactured housing communities in Arizona and Utah.