Monday, September 29, 2014

HFF secures $15 million in financing for manufactured home community in Rancho Cordova, CA


Zach Koucos
SAN DIEGO, CA – HFF announced  that it has secured $15 million in financing for Mobil Country Club, a 479-unit, senior (55+) manufactured home community in Rancho Cordova, California.

                Working exclusively on behalf of Country Club Investors, LP and Storz Management Company (SMC), HFF placed the 15-year, fixed-rate, 30-year amortization loan with Voya Investment Management (formerly ING).  Proceeds will be used to retire existing debt on the property and for capital reserves.

                Mobil Country Club is situated on a 54.6-acre site at 2473 Sunrise Boulevard, approximately 10 minutes east of downtown Sacramento. 

Completed in three phases, the community is 99.2-percent occupied and includes off-street and guest parking, as well as 110 RV/boat storage spaces.  Community amenities include a heated swimming pool, clubhouse, billiard room, library, sauna and enclosed spa.

Typical Mobil Country Club Home, Rancho Cordova, CA
                The HFF team representing the borrower was led by director Zach Koucos.  HFF worked directly with SMC’s CFO Mark Weiner and president Andy Carey on the transaction.

                “Our life insurance company correspondents are very aggressive right now for long-term, fixed-rate loans on high quality multi-housing properties such as Mobil Country Club.  Many of our clients with long-term hold objectives are taking advantage of today’s unique recapitalization opportunities,” Koucos said.

“I have worked with many lending institutions and intermediaries on transactions of various sizes, and my recent experience with HFF was by far one of the best,” Weiner said.


For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


No comments:

Post a Comment