Capital One Arranges Purchase of CA Manufactured Home Community

mfg community  california  progressive housing creditAccording to abladvisor, Capital One has provided a $4.6 million fixed-rate loan for a repeat client to acquire Ocean West, a 127-unit, age-restricted manufactured home community (MHC) in McKinleyville, California. Built in 1979 and renovated in 1986, the property is located less than a mile from the Pacific Ocean, and remains near full occupancy.

Two parcels of adjacent land associated with the community ownership may be developed at some point for expansion. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, who originated the transaction, said, “To facilitate this expansion, we inserted language in the loan documents that would allow the second phase to be added to the existing collateral at a later date. This sets the stage for an additional loan once the second phase is leased.

MHProNews has learned the 12-year fixed-rate loan has five years of interest-only payments and 11.5 years of yield maintenance, followed by a 30-year amortization payable on an actual/360 basis. ##

(Photo credit: progressivehousing–manufactured home community in California)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.


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