MHProNews has been informed that Capital One’s Damon Reed, Senior Vice President and Director of MHC Finance for the Multifamily Division, has arranged a $5.8 million Fannie Mae fixed-rate loan for the acquisition of Orosi Estates in Orosi, California, 200 miles north of Los Angeles.
The 128 manufactured home community (MHC) was built in 1975 and includes a pool and clubhouse. The community is in good condition and almost fully occupied. While not immediately identified, buyer and seller have 30 years MHC experience and are both repeat customers of Capital One and Reed.
“Time was of the essence in this transaction,” Reed said. “We closed the loan in 45 days from application and delivered on our quote as advertised.” The 10-year FR loan has 9.5 years of yield maintenance, and a one-year interest only period followed by a 30-year amortization schedule. ##
(Photo credit: progressivehome-California manufactured home community)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.