HFF Arranges $11.5M Refinancing for Manufactured Home Community

HFF announced it has arranged an $11.5 million refinancing for Pacific Skies Estates; and Boston Capital Invests in a tax credit rehabilitation.

Pacifica, Calif.—HFF announced today that it has arranged an $11.5 million refinancing for Pacific Skies Estates, a 93-space manufactured home community located on nine acres adjacent to the Pacific Ocean in Pacifica, Calif.

HFF worked exclusively on behalf of InSite Realty Advisors to secure the five-year, fixed-rate loan through Opus Bank.  The recapitalization allows for the repatriation of equity invested in the property, as well as continued execution of the greater vision for the community.

Pacific Skies Estates is located at 1300 Palmetto Avenue along the beach in Pacifica, about 10 miles southwest of San Francisco. The unique coastal property is currently 96 percent occupied, and is being repositioned as a lifestyle rental community. The community was developed in the early 1960s, however the sponsor has recently made significant investments into the property including an upgraded sea-wall and approximately 16 percent new installed manufactured homes for rent.

The HFF team representing InSite Realty Advisors was led by associate director Zach Koucos, senior managing director Tim Wright and real estate analyst Zack Holderman.

Boston Capital invests in tax credit rehab

Smithfield, Va.—Boston Capital invested in the rehabilitation of Bradford Mews Apartments, a 120-unit development for families in Smithfield, Va. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are Williamsburg-based Bastion Development Corp. and Ten Development, Inc.

“Substantial interior and exterior renovations will add to the desirability of Bradford Mews Apartments,” said Jack Manning, president and CEO of Boston Capital.  “Boston Capital is pleased to partner with Bastion Development Corporation and Ten Development in this rehabilitation to help meet the growing demand for high-quality affordable housing units for families in the Smithfield market.”

The rehabilitation of Bradford Mews Apartments will generate $2.2 million in local income and create approximately 25 jobs in the Smithfield area. Boston Capital’s investment in Bradford Mews Apartments adds 120 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 13,120 units of affordable housing in Virginia.

Bradford Mews Apartments features 72 two-bedroom/two-bath apartments and 48 three-bedroom/two-bath apartments in 10 three-story, garden-style buildings. Units feature central air conditioning, patios, balconies and storage. Development amenities include a clubhouse, laundry room, fitness room, volleyball court and playground. The apartment community is located within close proximity to public transportation, healthcare providers and schools. Units will be available to families earning 60 percent or less of the area median income.