DLA Piper Leads Acquisition and Financing of a New York MHC Portfolio
- Jun 10, 2020
DLA Piper has assisted Green Courte Partners in the acquisition and financing of four manufactured housing communities in the greater Rochester, N.Y., area. Partners Merle Cowin and Brian Cohen led the financing efforts while Partner David Sickle and Associate Nicholas Beard closed the acquisition.
The portfolio encompasses a total of 1,213 sites, bringing Green Courte’s total site count to more than 5,600 in five states. The acquisition was made via the company’s fourth investment fund.
The properties making up the portfolio are:
- Twin Cedars of Avon at 6130 E. Avon Lima Road, Avon, N.Y.;
- Lima Farms at 7042 W. Main Road, Lima, N.Y.;
- Creekside of Hamlin at 4000 Brick Schoolhouse Road, Hamlin, N.Y.;
- Penfield Farms at 600 Linden Ave., Rochester, N.Y.
The manufactured housing communities have had the same owner for generations, which is what many investors prefer. Green Courte plans to upgrade the units and landscape, add new amenities and improve the infrastructure. Other initiatives involve employing a rental home and sales operation led in-house via a national community management platform.