Built in 1963, the 136-home site resident-owned community sits on 16 acres and is restricted to 55 and older.
The refinance was provided through Freddie Mac’s Standard Delivery Manufactured Housing Community loan product, and was originated by Grandbridge’s Chris Dyson and Todd Elkins, a team with a long history of innovative MHC financing. It was the first loan closed by Grandbridge and Freddie Mac with a cooperatively-owned MHC, said Elkins.
He added, “Historically, loans for MHCs with this ownership profile were only attainable through banks and a select group of life insurance companies. We are excited about the future opportunities now available to finance resident-owned communities (especially in California and Florida) and appreciate Freddie Mac’s dedication and creativity.”
Noting Apache had a ten-year loan that needed to be refinanced soon, Apache Board of Directors President Lee Gardner stated Grandbridge and Freddie Mac “worked together to provide Apache Mobile Home Park the best financing and we are so pleased with the outcome.” Grandbridge is headquartered in Charlotte, NC.
“The residents of Apache Mobile Home Park take great pride in their community and we were happy to meet their refinancing needs. We hope that that this is the first of many resident-owned communities we will support,” stated Kelly Brady, Vice President of Underwriting and Credit for Freddie Mac Multifamily. ##
(Photo credit: Grandbridge Real Estate Capital-Apache Mobile Home Park)
