GE completes 8+ Mil Refi for Manufactured Home Community

TheOaks Amicorps -DeLand FLNewsJournalOnline reports that Florida-based Amicorp Inc. secured an $8.25 million dollar refinance on their 207 home-site manufactured home community, named The Oaks. Amicorp’s plans for The Oaks include having new homes built and installed on 7 vacant sites, as well as other improvements.  “We were able to get a better deal with a lower interest rate. We want to make some general park improvements, and add some homes, slowly, as the market comes back,” said Marie Jefferys, an officer with DeLand-based Amicorp Inc.  Amicorp owners, Kent Titcomb and his wife Leyvi, secured the refi from Chicago-based General Electric Capital. The cash infusion paid off the remaining $5.47 million balance on an old mortgage, according to Volusia County records.  The Oaks was transferred to a newly created subsidiary, The Oaks-Amicorp Inc.  Creating the single-purpose entity as the community’s new owner was a loan requirement, said DeLand attorney Kirk Bauer who represents the Titcombs.  The Oaks was built in 1989 with site fees of about $488 a month, according to several online information. Site fees includes cable TV, lawn watering and mowing, night security and use of the community amenities that include a pool, hot tub, tennis and shuffleboard courts and a clubhouse.

(Photo credit: Amicorp)

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