The ten-year loan has one year of interest-only payments and a 30-year amortization. Damon Reed, director of MHC finance for Capital One, originated the loan. Burkhart’s principal began developing the community in1999 and has over 20 years of experience with manufactured home communities.
The loan will be used to retire more expensive debt and permit the partnership to acquire more homes and update the community. As MHProNews reported March 11, Capital One recently arranged a refinance loan for a community in California.
Attempts to determine the ownership of Burkhart by MHProNews were not immediately successful. ##
(Photo credit: Burkhart Ridge Mobile Estates)
