Capital One has provided Kort & Scott Financial Group with a $48.8 million Fannie Mae Structured Adjustable-Rate Mortgage (SARM) loan for Lincoln Center Mobile Home Park, a 305-unit manufactured housing community in Cypress, Calif.
The money will be used to refinance a leasehold interest in the property, which is situated in northern Orange County.
“Thanks to our close working relationship with Kort & Scott and Fannie Mae, we were able to structure and close an exact fit for the borrower’s needs,” said Chad Thomas Hagwood, senior vice president of the Southeast region for Capital One Multifamily Finance. “The sponsor is using the proceeds to pay off their existing loan and secure funds to further enhance this already great community.”
The loan’s terms are a 10-year adjustable-rate with six years of interest-only payments, followed by amortization on a 30-year schedule. Brandon Pate of Capital One’s Birmingham, Ala., office facilitated the transaction on behalf of Capital One.
Located at 9080 Bloomfield Ave., Lincoln Center Mobile Home Park was originally developed in 1970. The property features a clubhouse, pool and a basketball court.
The development was 92 percent occupied at the time of the loan.
The Kort and Scott Financial Group is currently the 13th-largest owner/operators of manufactured housing communities in the U.S., with 38 properties in its portfolio, representing 8,600 sites in California, Colorado and Arizona.