MHProNews has learned from cpexecutive.com Bethesda, Maryland-based Beech Street Capital has refinanced eight manufactured housing communities for $158 million through Fannie Mae. Chad Thomas Hagwood of Beech St. says, “The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.” The seven-year, fixed-rate loans have a 10-year term, three years of interest-only payments, 9 1/2 years of yield maintenance and 30 years of amortization, payable on an actual/360 basis. Hagwood says no major renovations are on the drawing board for the properties which are located in California and New Mexico, but smaller enhancements will be undertaken.

(Photo credit: cpexecutive.com/Lynn Armitage–MHC)