The Foundry Cos. Buys 2 Eastern Pennsylvania MHCs
Barclays Investment Bank provided acquisition financing.
M.E. Management has sold two manufactured housing communities totaling 163 homesites in Pennsylvania’s Lehigh Valley area. Northmarq negotiated on behalf of the seller in both deals, which include the 92-lot Birch Knoll mobile home park in Hazleton, Pa., and the 71-lot Saucon Valley Crossing manufactured housing community in Center Valley, Pa.
Birch Knoll MHC LLC and Saucon Valley MHC LLC were the buyers, according to Lehigh County public records. Both of these legal entities are affiliated with Bethesda, Md.-based The Foundry Cos. The same source shows that the buyer financed the acquisition with a roughly $6.7 million loan provided by Barclays Investment Bank. The note is set to mature in 2029.
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Built in 1989 at 130 S. Pine St., Birch Knoll features off street parking spaces, paved streets and sidewalks, and homes available for both lease and sale. The property is close to multiple retail and dining options, and is some 5 miles from Hazleton Regional Airport and within 48 miles of Allentown, Pa.
The other community was completed in 1947 at 5002 Route 309 and includes single and double lots available for rent, as well as single-family homes for sale. Saucon Valley Crossing is close to Interstate 78, in an area with multiple retail, dining and hospitals. Allentown is some 8 miles away and Philadelphia is within 49 miles of the property.
Both communities are pet-friendly and have no age restrictions.
Active brokerage duo
Northmarq Associate Broker of Manufactured Housing Investment Sales Anthony Pino and Senior Vice President Ari Azarbarzin in the company’s Baltimore office acted on behalf of the seller.
The same Northmarq team brokered the sale of another two-property manufactured housing portfolio in February in the same area, working on behalf of seller Mayo’s Homes Co. Red Maple Acres in Allentown and Mayo’s Mobile Home Park in Trexlertown, Pa., changed hands for the first time since 1963.
In late 2023, Northmarq assisted Big Spring Properties in the sale of Big Spring Terrace, a 159-homesite manufactured housing community in Newville, Pa.
