Columbia Pacific Advisors Arranges Refi for Louisiana Manufactured Homes
- Aug 12, 2020
Columbia Pacific Advisors has arranged a $15.5 refinancing loan for Gulf Stream Manor (Phase II), a manufactured home community in Lake Charles, La. In addition to refinancing the existing mortgage, the loan will also provide working capital and expenditures.
The property is located at 8559 Gulf Highway, approximately 10 miles from downtown Lake Charles, and encompasses 265 sites, a clubhouse, pool, playground and basketball court. The sites feature three- and four-bedroom floorplans ranging from 1,152 to 1,368 square feet. The community has been under Southern Choice Properties management and represents a living option for the employees of nearby chemical and petroleum plants.
Demand for larger manufactured housing communities serving as workforce housing in oilfields and mineral extraction locations has been on the rise over the past years, mainly due to increasing single-family housing costs. Interest in this housing option is expected to remain strong after the pandemic ends as cities are working to find ways to solve the affordable housing crisis as well as provide solutions for residents affected by the economic slowdown.