Homesite lease, including utilities, is $501.50, although sites with more scenic views command a slightly higher price. The homes, by Golden West, currently for sale run from $57,500 to $94,500, according to the community’s website.
Capital One’s Director of MHC Finance and Vice President Damon Reed originated the transaction for the borrower, who is a repeat customer of Reed and Capital One. “This transaction highlights the value of a long-term relationship between lender and borrower,” Reed said. “The sponsor had only a short time remaining on its contract, and needed to work with a lender on whom it could depend to close the transaction quickly.”
The 10-year fixed-rate loan has 9.5 years of yield maintenance and five years of interest-only payments, followed by a 30-year amortization payable on an actual/360 basis. Neither the name of the buyer nor of the seller was immediately available. ##
(Photo credit: Knoll Terrace–manufactured home in Knoll Terrace)
