Hunt Real Estate Capital has provided a Fannie Mae DUS loan in the amount of $52 million to refinance a manufactured housing property located in the city of Sweetwater, Fla.
Li'l Abner is an all-age, 908-pad manufactured housing property. Sixty-four percent of the pads are intended for double‐wide homes, and the remaining 36 percent are for single‐family pads. The property has paved roads, off‐street parking and access to municipal utilities.
The borrower is Consolidated Real Estate Investments, who has owned and operated the property since acquisition in 1981. The borrowers are managing partners and key principals Nidia M. Montero and Raul F. Rodriguez. The loan is a 30-year fixed-rate loan with a 15-year interest only period amortizing over 30 years.
"Li'l Abner is well located with convenient access to the Dolphin Mall and Florida International University, as well as two major throughways that head into Miami, including the Florida Turnpike and State Road 826," said Marc Suarez, director at Hunt Real Estate Capital. "This is one of the most dynamic properties as it encompasses almost 105 acres in a densely populated area."
"My father acquired this asset almost 30 years ago with a great group of partners who are still part of this deal today," said Rodriguez. "We truly appreciate the team effort from all involved and the professionalism from Marc Suarez and his team at Hunt Real Estate Capital for providing us financing for another 30 years. Our biggest asset is our tenants who have made Li'l Abner the core fabric of the Sweetwater community."
Property amenities include a pool, management/maintenance office, mail facility, tennis courts and a playground.
"Raul Rodriguez and his family has been vested in this area for over 30 years and continue to provide quality affordable living for the residents in this area and other parts of Miami Dade county. We were pleased to have been able to finance this asset," said Suarez.