A press release from Capital One reveals it has arranged a $3.27 million Fannie Mae adjustable-rate loan for the purchase of Sierra Mobile Home Park in Santa Clarita, California. The seniors-only community has 74 home sites and features a clubhouse, pool and laundry room.
Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Southeast office in Birmingham, Ala. originated the transaction. The seven-year loan has a three-year interest only period with amortization on a 30-year schedule.
Sierra Mobile Home Park was built in 1956 and has been in the hands of the same owner for 50 years. The borrower intends to increase occupancy and adjust rates to market levels as it aims to increase its net operating income (NOI).
Separately, MHProNews has learned from MHPHOA that Kort & Scott Financial Group (KSFG) purchased Sierra in Oct. 2015, managed by Sierra Corporate Management, and that site rents are $650/mth. In a phone call, Capital One would neither confirm nor deny that KSFG is the current owner.
MHPHOA (Mobile Home Park Home Owners Allegiance) is a grass roots organization that advocates on behalf of residents of manufactured home communities. ##
(Photo credit: Google Earth/MHPHOA–Sierra Mobile Home Park)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews)