NorCal Manufactured Housing Property Scores Refi
- Feb 25, 2019
Hunt Real Estate Capital has originated a $4.2 million, seven-year Fannie Mae loan to refinance Hidden Acres, a manufactured housing property in Susanville, Calif.
Located at 2965 Johnstonville Road, Hidden Acres offers 101 housing pads, a clubhouse and a maintenance building. The property is situated on a 14-acre parcel and is roughly 90 percent occupied. All units have hitches and jack posts, and two-thirds of them are double-wide or triple-wide. All plots can accommodate multi-sectional units.
Since 2016, the owner has spent more than $56,000 in capital improvements at Hidden Acres. These included plumbing upgrades, electrical work, painting, parking area, fencing and landscaping.
“The borrower is a seasoned local manufactured housing investor with more than 40 years of experience in the commercial real estate industry,” said Steven Cox, senior managing director at Hunt Real Estate Capital, in prepared remarks. “He currently owns interest in nine manufactured housing communities located in California, Arizona, and Mississippi.”
Earlier this month, Hunt Real Estate Capital secured a $15.5 million Fannie Mae refinancing loan for a student housing community.
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