Formulating a seven-year adjustable-rate loan with a two-year interest only period, Capital One has arranged a Freddie Mac $11.719 million refinance for Starlight Mobile Home Park senior-only manufactured home community (MHC) in El Cajon, CA. Senior Vice President Chad Thomas Hagwood, of the Birmingham, AL multi family office, originated the transaction, according to abaladvisor.

Nearly two-thirds of the 162 homes are owned by Starlight, which offers a clubhouse, pool, spa and community laundry. “We structured the deal with two years’ interest only,” Hagwood said. “This will give the borrower the chance to put the park on more solid footing.” MHProNews understands the interest only period will be followed by amortization on a 30-year schedule. The borrower bought Starlight in May of this year. ##

(Photo credit: inspire–Old Plantation manufactured home community, Riverside, CA)

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