Hunt Mortgage Obtains Refi For Austin Manufacturing Housing
- Jun 13, 2016
Austin, Texas—Hunt Mortgage Group has provided a $5.3 million Fannie Mae loan to refinance the Trails of Oak Hills, a manufactured housing community in Austin. The borrower is Wier Hills Ltd., a Texas limited partnership backed by Charles “Mac” Spellmann, Jr.
Comprised of more than 51 acres and a clubhouse building as the only permanent structure, the Trails of Oak Hills houses 180 manufactured housing sites with utility connections. No sites are sized for or occupied by RVs, and at least 90 percent of the sites will accommodate double-wide homes.
The property was developed in 2002. Over the past 24 months, occupancy at the Trails of Oak Hills has averaged 98 percent, and the property is currently full. The new loan includes a 10-year term, 30-year amortization period, and a 9.5-year yield maintenance period.
The borrower has owned and operated the property since it was developed, noted Mark Besharaty, director at Hunt Mortgage Group. He added that Spellman has over 25 years of experience in both owning and operating manufactured housing communities, and currently owns two such properties with a total of 335 sites.
In a separate financing deal, Hunt provided a $6.2 million Fannie Mae loan to finance the acquisition of a mobile home community property in Reno, Nev. Silverada Estates is a 169-pad community with two common-area buildings, a leasing office/clubhouse and a laundry facility. The property was developed in 1964 and currently has 13 vacant pads.
The borrower is Highlander #2 Real Estate Investments LLC, a Arizona-based mobile home community owner and operator. The loan term is 10-years with amortization based on a 30-year schedule with one year of interest-only payments.