Birmingham, Mich. based Q10 l Lutz Financial Services has arranged $108 million for the refinancing of a portfolio including 47 manufactured housing properties and three apartments. Lutz, a commercial real estate financial services firm, says the unnamed, Midwest-based private investor realized $99 million for the manufactured housing communities and $9 million for the multifamily properties. As nreionline tells MHProNews, the holdings are in Wisconsin, Michigan, Ohio, Minnesota, and Maryland. As managing principal at Q10, Adam Lutz said, “As the overall economy and housing market continue to improve, more financing options are available for tenants who want to reside in manufactured housing communities. As occupancy rates have increased nationwide, the cap rates have continued to decline.”

(Photo credit: Triangle manufactured housing community, Battle Creek, Mich.)