Four of the communities account for $16.65 million of the total, and are comprised of 565 homesites. They are: An eighty-acre development in Raleigh, North Carolina comprised of 260 homesites which has playgrounds, walking paths, lakes and ponds. Principal Jack Phillips of Largo secured a fixed-rate, five-year permanent first mortgage with a 30-year amortization.
He arranged a fixed-rate, ten-year permanent first mortgage with 30-year amortization for a 103 homesite manufactured home community outside of Ithaca, New York.
The final two: Phillips secured a ten-year permanent fixed-rate first mortgage with a 30-year amortization for two other MHCs with 202 homesites—one in the Chesapeake Bay area of Delaware and the other near Rochester, NY.
No direct mention was made of the other two MHCs which account for the $16.35 million balance of the $33 million. ##
(Photo credit: Freehold Real Estate Management-manufactured home community)
