MHProNews has learned from Capital One that it arranged a $3.1 million fixed-rate loan package through Ladder Capital Finance to refinance the Orange Grove manufactured home community (MHC) in San Fernando, California. Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Birmingham, Ala. office, brokered the transaction for the 77 home site community.
With over 30 years in the MHC business, Orange Grove MHP Group, LLC has owned Orange Grove 20 years and currently owns and operates 11 MHCs in Arizona, California, Colorado, Georgia, and New Mexico. Hagwood has worked with Orange Grove in the past.
Amortized on a 30-year schedule payable on an actual/360 basis, the fixed-rate loan has a ten-year term. ##
(Photo credit: googlemaps–Orange Grove manufactured home community)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.