Hunt Provides Fannie Mae Loan to Refinance Manufactured Housing Community
- May 27, 2015
Hunt Mortgage Group, a commercial real estate lender, has provided a $4.5 million Fannie Mae loan facility to refinance the Terra Vista Manufactured Housing Community, the company announced. The loan was provided to borrower AFK Real Estate Investments, a Delaware limited liability company backed by Angus Keith. It has a 10-year term with five years of interest only, amortizing over a 30-year period with a 9.5 year yield-maintenance period. Florida-based manufactured housing expert Brian Mills brokered the transaction to Hunt.
Terra Vista Manufactured Housing Community is located on a 14.5-acre parcel at 3833 North Fairview Avenue. The property has no permanent structures – it includes 129 manufactured housing sites along with a manager’s home and a small building that serves as the leasing office. Each of the prefabricated mobile homes at the age-restricted (55+) community are owned by the tenants. Developed in 1970, the property offers residents access to several outdoor recreational amenities.
“[Angus Keith] purchased Terra Vista in 2005, and currently owns five manufactured housing communities and a total of 799 sites. Tucson has a strong established manufactured housing community dominated by the 55+ sector with snowbirds attracted to Arizona’s favorable winter climate,” said Bryan Cullen, managing director with Hunt Mortgage Group.
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