NorthMarq Arranges Refi for Michigan Manufactured Homes

The $2.1 million Freddie Mac loan comes with a seven-year term and a 2.65 percent interest rate.
Pontaluna Shores. Image courtesy of NorthMarq

NorthMarq has originated a $2.1 million Freddie Mac loan for Pontaluna Shores, a 135-site manufactured housing community in Norton Shores, Mich. The seven-year, cash-out debt incudes an interest rate of 2.65 percent. The proceeds from the financing will help the private investor owner recapture equity spent over the last three years and will help continue property improvement.

Located at 1281 Pontaluna Road alongside U.S. Road 31, the community is 4 miles from Muskegon County Airport and some 5 miles from Interstate 96. Additionally, the property is less than 3 miles from Lake Crossing Shopping Center and Lakeshore Market Place, which include several retail and dining options such as a Target and Starbucks. Pontaluna Shores includes 25 percent Park Owned Homes.

Vice President Reina Abboud from NorthMarq worked on behalf of the owner to arrange the debt. In mid-August, another team from the brokerage team secured $40 million in bridge financing for Vertical Ventures’ purchase of a three-building office/R&D campus in Milpitas, Calif.