Hunt Real Estate Capital Provides $24M Financing for Phoenix-Area Manufactured Housing
- Jul 02, 2020
Hunt Real Estate Capital has provided three Fannie Mae loans for manufactured housing communities located in Arizona. The refinance loans total $24.2 million and carry 15-year interest-only terms, with rates being locked before the markets softened due to the pandemic. The sponsor plans to use part of the money to install more units on the sites, as demand for manufactured housing communities remains high.
The largest property is Meridian RV and Mobile Home Park located at 351 N. Meridian Drive in Apache Junction. The asset encompasses 191 sites, a heated pool, shuffleboard court, library, billiard room, large recreation room as well as laundry facilities. El Dorado Mobile Estates is located nearby at 202 N. Meridian Drive and includes 178 sites. The third manufactured housing community, Country Club Park, is located at 1855 W. Wickenburg Way in Wickenburg’s historic district. All properties provide access to shopping centers, golf courses and entertainment venues.
The three properties are restricted to tenants 55 and older and provide single- and double-wide homes as well as RV rental spaces. They communities represent 25 percent of the total number of sites the owner operates in the western U.S.