MHProNews has learned from abladvisor that Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, arranged a $7.7 million refinance Fannie Mae loan for Casa de Flores manufactured home community (MHC) in Chico, California. The owner intends to retire higher-rate interest debt and make improvements to the community.

“We recommended that the sponsor execute a forward rate lock in April and close the loan when the prepayment penalty period burned off,” Reed said. The owner was able to lock in a low interest rate.

A 309 home site MHC with historically near full occupancy, Casa de Flores offers a range of amenities including a secure RV storage facility.

The 10-year fixed-rate loan has 9.5 years of yield maintenance. ##

(Photo credit: MHVillage–Casa de Flores MHC, Chico, CA)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.