The owners of Boulder Meadows, a 638-unit manufactured housing community in Boulder, Colo., completed a $39 million refinancing provided by Hunt Real Estate Capital. The Fannie Mae conventional multifamily loan comes with a 10-year term, 30-year amortization period and 114 months yield maintenance.
“We were pleased to provide the financing needed to secure this property for a strong manufactured housing sponsor and provide quality affordable housing for the residents of Boulder,” Josh Messier, managing director at Hunt Real Estate Capital, said in a prepared statement.
The borrower is a diversified real estate investment firm with extensive experience investing in and operating manufactured housing communities. The firm has owned Boulder Meadows, which was developed in 1970 and is 99 percent leased, for 30 years. “Over their long history in the sector, they have owned and managed over 15,000 pads across 45 parks,” Messier said.
Boulder Meadows has asphalt paved roads with curbing and sidewalks. Common amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court. The community has an on-site leasing office and security, as well as public water and sewers.
Over the past four years, the ownership has invested approximately $1 million in capital improvements. In addition, they plan to invest in non-recurring site projects such as sewer upgrades, installation of a gate to the sports court, site/pedestal upgrades and driveway overlays.
Earlier this year, Hunt Real Estate Capital provided a $34.4 million, 15-year fixed-rate cash Freddie Mac loan to finance the construction of another Colorado property. Located in Keystone, Colo., The Village of Wintergreen is a 156-unit workforce housing project being developed by Vail Resorts and Gorman & Co.
Image courtesy of Hunt Real Estate Capital