Capital One Multifamily informs MHProNews that it arranged a $5.0 million Fannie Mae 30-year term fixed-rate loan to refinance the Napa Olympia Mobile Lodge in American Canyon, Calif. Marking their 11th Fannie Mae transaction with Capital One, the owners acquired the property in 2005 with a ground lease in place.
The lessor agreed to extend the lease from seven years to 32.5 years, thereby allowing the owners to obtain new long-term debt on Napa Olympia, but then imposed a hard deadline on completing the transaction. Damon Reed, Capital One’s Director of MHC Finance, originated the transaction and he and his staff managed to get the loan approved within 35 days of application.
The funds will allow Napa to retire higher-interest rate debt, complete upgrades to the community and add equity to the partnership. The all-age 201-home site MHC, located 75 miles northwest of San Francisco, was built in 1968 and features a swimming pool, spa and RV storage. ##
(Photo credit: nbcsandiego–manufactured home community)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.