Hunt Real Estate Capital provided a Fannie Mae conventional multifamily loan in the amount of $4.22 million to refinance a manufactured housing property located in Susanville, Calif.
The borrower is Hidden Acres MHP, a California limited partnership. The loan term is seven years and yield maintenance will apply during the first 6.5 years with a 1 percent prepayment fee thereafter with no fee due for the last 90 days.
Hidden Acres is manufactured housing community that is comprised of a clubhouse and maintenance building as well 101 manufactured housing units. The site is situated on a 14-acre parcel of land.
“The borrower is a seasoned local manufactured housing investor with more than 40 years of experience in the commercial real estate industry,” said Steven Cox, senior managing director at Hunt Real Estate Capital. “He has extensive knowledge in management, investment, and development of a variety of assets and manages nearly all of his assets. He owns interest in nine manufactured housing communities located in California, Arizona, and Mississippi.”
Since the beginning of 2016, the borrower has spent just over $56,000 in capital improvements at the property, including plumbing upgrades, electrical work, painting, parking area, fencing and landscaping.
“The borrower is also a repeat Hunt Real Estate Capital client,” said Cox. “Earlier this year we financed Stadium Club, a 51-unit apartment complex in partnership. “We were pleased to provide this loan to a solid borrower on another deal to provide quality housing options for local families.”
Susanville is the county seat of Lassen County and is located around 85 miles north of Reno, Nevada. Project amenities include a clubhouse, billiards, horseshoes, and tether ball.
