Founded in 1970, the age-restricted (55+) community is comprised of 129 homesites set on 14.5 acres with no permanent structures save a small leasing office, which is next to outdoor recreational facilities.
The ten-year term loan with five-years interest only will amortize over 30-years with a 9.5 year yield maintenance period. The borrower, AFK Real Estate Investments, LLC is backed by Angus Keith who owns five manufactured home communities (MHCs) comprised of 799 homesites.
Keith acquired Terra Vista in 2005, and has nearly 20 years experience in owning and operating MH and recreational vehicle (RV) communities. Bryan Cullen, Managing Director with Hunt Mortgage Group, states “While we have had success with the Fannie Mae MHC program, with the addition of the Freddie Mac MHC Program Hunt expects to continue expand our presence and become a premier lender in this sector.” ##
(Photo credit: arizonadailysun/Jake Bacon–Arrowhead Village manufactured home community)
