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| Pacific Skies Estates, Pacifica, CA |
SAN DIEGO, CA – HFF announced it has arranged an $11.5
million refinancing for Pacific Skies Estates, a 93-space manufactured
home community located on nine acres adjacent to the Pacific Ocean in Pacifica,
California.
HFF
worked exclusively on behalf of InSite Realty Advisors to secure the five-year,
fixed-rate loan through Opus Bank. The
recapitalization allows for the repatriation of equity invested in the
property, as well as continued execution of the greater vision for the
community.
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| Zach Koucos |
Pacific Skies Estates is located at 1300 Palmetto Avenue along the beach
in Pacifica, about 10 miles southwest of San Francisco. The unique coastal property is currently 96
percent occupied, and is being repositioned as a lifestyle rental
community.
The community was developed in the early 1960’s, however the
sponsor has recently made significant investments into the property including
an upgraded sea-wall and approximately 16 percent new installed manufactured
homes for rent.
The
HFF team representing InSite Realty Advisors was led by associate director Zach
Koucos, senior managing director Tim Wright and real estate analyst Zack
Holderman.
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| Tim Wright |
InSite Realty Advisors is a full-service real estate development,
investment and management firm. InSite’s principals have extensive experience
in a variety of real estate product types including commercial, senior living,
and residential housing.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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