Three Pillar Communities Refinances 2 MHCs
JLL Capital Markets worked on behalf of the borrower.
Three Pillar Communities has secured a total of $15 million in refinancing for two mobile home communities located in Oregon and California. JLL Capital Markets Director Jonah Aelyon and Analyst Nick Rango arranged the transactions for the landlord.
Orchard Lane in Happy Valley, Ore. received a $9 million loan, while Ukiah Country Manor in Ukiah, Calif. landed a $6 million refinancing note.
Located at 8525 SE Orchard Lane, the larger property is a 104-manufactured-home, pet-friendly community. Common-area amenities include a green area, laundry facilities, on-site management, along with boat and RV storage space. Built in 1959, Orchard Lane is situated across Interstate 205, close to multiple retail options, such as The Home Depot or Walmart, 3.7 miles from Happy Valley Nature Park and 13 miles from downtown Portland, Ore.
Built in 1973, Ukiah Country Manor is located at 3900 N. State St. and features 81 mobile homes. The pet-friendly property’s common-area amenities include a community center and a swimming pool. Situated close to Redwood Highway, the manufactured housing community is 3.8 miles from downtown Ukiah and within 6 miles of Ukiah Municipal Airport.
In November, Three Pillar Communities sold the 154-site Foothills Mobile Home Park in Butte Valley, Calif., for $11.5 million. In the beginning of this year, the company also closed the sale of Royal Palm Mobile Home Estates, a 96-site manufactured home community in Tulare, Calif.