Hunt Mortgage Group Finances the Acquisition of a Mobile Home Facility Located in Reno, NevadaNew York, NY — June 13th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan in the amount of $6.2 million to finance the acquisition of a mobile home community property in Reno, Nevada.
Silverada Estates is a 169-pad mobile home community housing two common area buildings, which include a leasing office/clubhouse and a laundry facility. The property was developed in 1964 and is situated on a15-acre parcel of land. The property currently has 13 vacant pads.
The borrower is Highlander #2 Real Estate Investments, LLC, a Delaware limited liability company controlled by an experienced Arizona-based mobile home community owner and operator. The loan term is 10-years with amortization based on a 30-year schedule with one year of interest only payments. Yield maintenance will apply during the first 9.5 years.
“We were delighted to help this new borrower with the purchase of this mobile home facility, “ said Bryan Cullen, Managing Director with Hunt Mortgage Group. “It turned out we were able to structure the deal with a rate lock in January at a lower loan amount, $5,919,000, and then we increased the loan 5% to $6,200,000 once we were able to verify a proposed rent increase.”
Brian Mills, a manufactured housing expert based in Florida, brokered the transaction to Hunt Mortgage Group and was integral in the application negotiations and processing.
Silverada Estates is an age restricted (55+) mobile home community. Property amenities in the clubhouse include: a common kitchen, fitness center, billiards room and an indoor swimming pool which is operated seasonally. This building is adjacent to outdoor recreational activities.
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Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 23 locations throughout the United States.