Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan facility in the amount of $5.3 million to enable the acquisition of a manufactured housing community located in San Andreas, California. The final loan covered approximately 75% of acquisition costs.
Oak Shadows Mobile Home Park is comprised of one, one-story community building and 105 pads. The property was developed in 1977, is situated on a 17.8 acre parcel and offers 230 parking spaces. It is age-restricted to 55 and older and is 100% occupied.
The loan term is 15-years with 3-years of interest only. Yield maintenance will apply during the first 14.5 years. The borrower is Oak Shadows San Andreas, LLC, backed by key principals Angus and Frances Keith. “Angus and Frances are loyal, repeat clients and experienced owners and managers of manufactured housing communities. They currently own and manage 731 pads in Arizona and California,” said Bryan Cullen, Managing Director with Hunt Mortgage Group.
Brian Mills, a manufactured housing expert based in Florida, brokered the transaction to Hunt Mortgage Group and was integral in the negotiation and processing of the application.
Property amenities include the leasing office and clubhouse with a kitchen and fitness room. Outdoor recreational activities include a swimming pool and spa. All of the pads at Oak Shadows are double-wides, some of which can accommodate “triple-wide” homes.
Oak Shadows is located in the city of San Andreas which is situated in the western Sierra Nevada Mountains on the eastern side of the California Central Valley, approximately 130 miles northeast of San Francisco.