Hunt Real Estate Capital Provides $41M Loans for MHC Trio
- Aug 05, 2020
Hunt Real Estate Capital has closed on refinancing transactions for three manufactured housing communities in Arizona and Utah. The deals come one month after the company secured $24.2 million in loans for three other communities in Arizona. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the Fannie Mae loans, which feature fixed interest rates and 10-year and 7-year terms.
The portfolio comprises:
• Tempe Cascade Mobile Home Estates (273 sites), located at 2340 E. University Drive in Tempe, Ariz.
• Cottonwood Estates (83 sites), located at 975 E. 6600 S. in Uintah, Utah.
• Midland (224 sites), located at 3860 Midland Drive in Roy, Utah.
The properties were completed or transformed in the 1970s and share the same management company, Silver King. The two Utah communities are approximately 25 miles from Salt Lake City, with Cottonwood Estates being close to the Weber River. Tempe Cascade is halfway between Tempe and Mesa, providing access to Salt River, the botanical garden as well as several parks and country clubs.