Treehouse Communities has received $10.8 million in Fannie Mae financing for two manufactured housing communities. MidCap Loans arranged the debt, which will be used to lower the cost of the current debt and will help the owner invest in improvements to the properties. The debt includes a 12-year term, 30-year amortization and a fixed rate in the low 3 percent’s.
The Chancellors manufactured housing community is located at 800 S. Santa Fe Ave. in Fountain, Colo., just off Interstate 25 at exit 128 and a little over 12 miles from Pikes Peak International Raceway. The community, which comprises 102 sites, was completed in 1946.
Located at 101 Lad Lane in Roseburg, Ore., Western Star was completed in 1965 and features 104 sites. The property is adjacent to Interstate 5 and within walking distance of public transit.
Earlier this year, JLL closed a $17 million Fannie Mae loan for Lewis Investments. The debt was used to refinance a portfolio comprising three manufactured housing and recreational vehicle communities in Central Texas.