California MHC Lands $14M Refi Loan
- Apr 18, 2017
Capital One closed a $13.7 million Fannie Mae fixed-rate loan to refinance Meadows Manor Mobile Home Park, a manufactured housing community located at 49 Blanca Lane, in Watsonville, Calif.
The 10-year fixed-rate loan has 9.5 years of yield maintenance and one year of interest-only payments, followed by a 30-year amortization schedule. It was used by the sponsors to retire existing debt. Damon Reed, senior vice president & director of MHC finance, originated the transaction. This is the sponsors’ 18th loan with Capital One.
“We took a two-part approach to meeting the sponsors’ needs,” Reed said. “We structured the transaction as an A/B dual commitment and processed the loan under Fannie Mae’s early rate lock program.”
The 254-space MHC is located 15 miles from Santa Cruz. The community offers close proximity to retailers and restaurants such as Roger’s Family Diner, Walgreens, Jack in the Box, AutoZone, Wendy’s, Wells Fargo Bank, Long John Silver’s, Kmart, Carl’s Jr., D&L Nails Spa, Freedom Shell Food Mart and Markley’s.
“We have the tools and expertise to help clients close their loans quickly. In this case, the sponsors were dealing with a loan that was scheduled to mature in May and there was also the added pressure to lock in a rate quickly to avoid rising interest rates,” Reed told Multi-Housing News. “We were pleased to find a timely solution that met their needs.”
Image courtesy of Capital One