Talonvest Capital Inc. has secured a $4 million refinancing loan for Red Hill Estates II, a manufactured housing community in Red Hill, Pa. The company structured the non-recourse loan with a fixed 3.46 percent interest rate for 10 years, as well as interest-only payments for the entire term.
“As treasury rates jumped before closing, we were able to negotiate a 9-basis-point reduction in spread to preserve proceeds,” Talonvest Capital Senior Director John Chase told Multi-Housing News.
Spanning across 20 acres, the property shares the entrance and exit as well as a clubhouse with Red Hill I, also a manufactured housing community. At the time of the deal, Red Hill II was fully occupied. Built in the 1980s, the community was not originally designed to be age-restricted, but it eventually progressed to all retiree residents.
Several shopping options are within walking distance of the property. Philadelphia is some 45 miles away and Allentown, Pa., is within 19 miles to the north.
Chase, along with Principals Jim Davies and Tom Sherlock, Senior Director Erich Pryor, Senior Analyst Mason Brusseau and Associate Thalia Tovar, were part of the Talonvest team that secured the loan. In July, members of the same team structured a $45.5 million construction loan for a 1,560-unit self storage facility in Bethesda, Md.