DEAL OF THE DAY: HFF Arranges $18M Financing for Manufactured Housing Community
San Diego--HFF (Holliday Fenoglio Fowler LP) has arranged $18 million in financing for The Highlands.
San Diego, Calif.– The San Diego office of HFF (Holliday Fenoglio Fowler LP) has arranged $18 million in financing for The Highlands, a 306-home-site manufactured housing community in Santee (San Diego), Calif.
HFF Senior Managing Director Tim Wright and Associate Directors Zach Koucos and Zack Holderman worked exclusively on behalf of the borrower, The Highlands Mobile Home Community Association, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Company.
The loan proceeds enabled the borrower to purchase the fee simple interest in the property and recapitalize existing debt. The Highlands Mobile Home Community Association is a California non-profit mutual benefit corporation comprised of the community’s residents.
The Highlands is located at 7467 Mission Gorge Road in close proximity to State Route 52 in the City of Santee just east of San Diego. The property has 306 home sites and is an age-restricted (55+) community. Amenities at The Highlands include a clubhouse, two pools, and a shuffleboard pavilion.
“We were pleased to have a number of lenders compete for the financing of The Highlands in a challenging capital marketplace,” says Koucos.