Manufactured Property Receives $16M Refi in Kansas City
- May 24, 2018
Lakeview Terrace, a 541-unit manufactured property in Kansas City, Mo., has received a Freddie Mac conventional refinancing loan of $16 million. The transaction provides a 10-year fixed rate with a three-year interest-only term.
Built in 1970, Lakeview Terrace comprises a mix of single- and multi-section units. The affordable mobile homes are recently renovated and amenities include a clubhouse, two swimming pools, basketball court and playground.
Located at 5800 N. Madison Ave., the property is situated north of the Missouri River and within walking distance of dining, retail and entertainment facilities. Downtown Kansas City is easily accessible with a 15-minute drive on Highway 169, located just outside the apartment complex.
Arbor Realty Trust Inc. has funded the refinancing loan for the property. Jason Scott, regional managing director, Southeast, originated the transaction. The company has recently secured a $36 million refinancing loan for a multifamily community in Houston.
“Arbor was able to provide significant return of equity to the Sponsor who, since acquiring the property in 2015, created meaningful value through exceptional property management and a strong leasing program. The Sponsor was very pleased with both the rate and proceeds level,” Scott said, in a prepared statement.
Image courtesy of Arbor Realty Trust