Alliant Credit Union has provided a $48.5 million refinance loan for a 55+ manufactured housing and RV community in Apache Junction, Ariz. The interest-only, five-year debt features equity recapture, future earn-out and a moderate loan-to-value ratio. Gantry Principal Patrick Barkley referred the deal to Alliant.
Developed in 1983, the resort-style community is spread across 72 acre. The property consists of 433 home sites—which have been fully occupied since 2018—and 124 RV sites for seasonal residents. Common-area amenities include a clubhouse with a banquet hall, business center, outdoor pool and spa.
Apache Junction is situated some 35 miles east of downtown Phoenix, one of the fastest-growing cities in the country. This has led to an increased need for affordable housing options and the manufactured housing sector is seen as a solution to fill the gap. Considering the limited supply of new manufactured homes sites, investor interest for this asset type has been on the rise.