Central Texas MHC, RV Portfolio Lands $17M Refi
- Jan 22, 2021
JLL has closed a $17 million Fannie Mae loan for Lewis Investments to refinance a portfolio comprising three manufactured housing and recreational vehicle communities in Central Texas. The 10-year non-recourse debt includes a fixed 2.77 percent interest rate.
Lewis Investments initially approached the brokerage company at the beginning of 2020 to arrange a multiple property refinance.
Managing Director Kelly Layne, Senior Director Chris McColpin and Analyst Alastair Barnes from JLL the deal. At the end of October, McColpin was part of a different JLL brokerage team that secured $27.1 million in acquisition financing for Old Three Hundred Capital. The company used the funds to purchase the 230-unit Cannon Oaks Apartments in Austin, Texas.
As the pandemic took hold of the country, credit markets halted closings in March. With several states placing shelter-in-place orders and rising unemployment numbers, many residents found themselves unable to pay rent. In order to protect borrowers and renters, GSEs rolled out mortgage forbearance programs, which have recently been extended through March 31.