Done Deals: HFF secures $16.35 million in financing for two manufactured home communities north of Los Angeles, CA

Monday, July 15, 2013

HFF secures $16.35 million in financing for two manufactured home communities north of Los Angeles, CA

Ojai Oaks Village, Ojai, CA

SAN DIEGO, CA – HFF announced today that it has arranged $16.35 million in life insurance company financing for La Maria, a 158-unit, senior (55+) manufactured home community in Santa Maria, California and Ojai Oaks Village, a 125-unit, all age manufactured home community in Ojai, California.

La Maria community, Santa Maria, CA

HFF worked exclusively on behalf of Wynne Corporation to secure acquisition financing for La Maria, and a refinance of Ojai Oaks Village, in two separate transactions.

HFF placed the $8.05 million, 10-year, fixed-rate loan for La Maria with Aegon USA Realty Advisors, LLC. A separate $8.3 million, 10-year, fixed-rate loan for Ojai Oaks Village was placed with Lincoln Financial Group. HFF will also service the two loans.

La Maria is located on a 20-acre site at 1701 South Thornburg Street in Santa Maria, about 150 miles northwest of Los Angeles in Santa Barbara County.

Zach Koucos

Community amenities include a clubhouse, swimming pool, spa, laundry facilities and RV storage. The clubhouse and pool were recently renovated, and the community is 98.1 percent occupied.

Situated on 14.7 acres, Ojai Oaks Village is located at 950 Woodland Avenue about 25 miles east of Santa Barbara in Ventura County.

The 96 percent occupied community is designed with the look of a single-family housing subdivision and some of the highest quality manufactured homes in the area. Amenities include a large clubhouse, swimming pool, spa, laundry facilities.

The HFF team representing the borrower was led by director Zach Koucos.

“We were very pleased to capture historically low interest rates well below four percent, fixed for 10 years, on both of these quality manufactured home communities,” Koucos said.

Wynne Corporation is a Southern California-based owner and operator of manufactured home communities and other income properties, with more than five decades of experience.