Beachwood Park Mobile Home Community Secures Refi
- Mar 23, 2016
Dana Point, Calif.–A $9.4 million loan was provided on behalf of Doheny Park Associates, an affiliate of Core Capital Investments of Irvine, Calif. The sponsor used the funds from the financing deal for Beachwood Park & Village, an all-age mobile home park. The term loan was priced at around 4 percent, and carries a seven-year fixed rate term.
Located at 34052 Doheny Park Road in Dana Point, the mobile home park consists of 96 pads. The all-age park is close to the Pacific Ocean, as well as a Costco-anchored retail center. The mobile home asset claims premium rents in its asset class and offers resident an amenity package that includes a clubhouse and swimming pool. The asset was recently taken through an improvement program that included the asset’s clubhouse, pool, and landscaping.
According to Dekel Capital Principal Shlomi Ronen, a limited group of bank lenders service mobile home parks. However, through the company’s deep network of lenders, Ronen said, “we were able to find an experienced lender that understood the value of the property given its recent upgrades and coastal location.” Although no comps were available in the area, the sponsor’s history allowed Dekel to secure terms for the loan.