Maverick Originates $10M Construction Loan for MHC Project
- Jul 07, 2021
Maverick Commercial Mortgage has originated a $9.8 million construction loan for Lavender Meadows Park, a 217-site manufactured housing community in Sequim, Wash. The financing funded 69.15 percent of total project costs.
The five-year loan includes a two-year interest-only period followed by an amortizing period of three years, while the amortizing period is based on a 25-year schedule.
Lavender Meadows Park will be located at 947 N. Sequim Ave. on a 38-acre site, less than 2 miles from several big-box retail and dining choices and some 67 miles from downtown Seattle. The over-55 property will feature double-wide lots, off-street parking, pocket parks and a clubhouse.
The project is built by a joint venture of Advanced Land & Business of Kingston, Wash., and Spartan Investment Group of Golden, Colo., while Logan Development of Kingston will serve as general contractor. The developers chose Sequim for the project due to the area’s strong housing demand and high rent rates. In addition, Sequim’s population has an average age of 62, and the city continues to attract a large number of retirees. The average manufactured housing resident is over 55 and he or she will live at a mobile home park for an average of 14 years.