Alliant Credit Provides $49M Refi for East Phoenix MHC Asset
Featuring 433 home sites and 124 RV sites, the 55-and-over community is roughly 35 miles from the metro’s downtown area.
The manufactured housing community in Apache Junction, Ariz., that changed hands. Image courtesy of Alliant Credit Union
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.
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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.
