Castle Park Lands Construction Loan for Arizona MHC Project
Victoria Farms in Lake Havasu City will include 300-plus homesites.
Gantry has secured a $13 million construction loan for the development of Victoria Farms, a 305-homesite manufactured housing project in Lake Havasu City, Ariz. The company worked on behalf of the borrower, New York-based Castle Park Investments, according to Mohave County public records. The same source shows that the originator of the loan—which matures in late 2026—is Standard Insurance Co.
The fixed-rate bridge loan is set to cover the soft costs, as well as tenant improvement construction budgets for the project, including the construction of a swimming pool, a clubhouse, pickleball courts, game rooms, dog parks, walking trails and other amenities.
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The Class A manufactured home community will be developed on 39 acres at 6590 Chenoweth Drive, close to Lake Havasu City Airport, 37 miles from Needles, Calif. and 42 miles from Willow Valley, Ariz. Victoria Farms will provide easy access to State Route 95 and will be near multiple retailers, including Circle K, Lowe’s Home Improvement, The Home Depot and Walmart.
Principal Tony Kaufmann and Associate Andrew Ferguson from Gantry’s San Francisco office were part of the team that secured the financing.
In May last year, the Lake Havasu City Planning and Zoning Commission approved Castle Park’s request to add 5 acres to the planned development. The rezoning allowed the installing of a water wall and water storage tanks for the project, according to HavasuNews.
More MHC investments
Earlier in 2023, Castle Park Investments formed a $500 million programmatic joint venture with a global real estate investment equity firm. Arranged by Newmark, the partnership aims to purchase mobile home communities, RV resorts and campgrounds across the country. The venture’s first acquisition was a 700-homesite MHC portfolio in Pennsylvania and Ohio.
