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| Audubon Estates, 7930 Audubon Avenue, Alexandria, VA |
SAN DIEGO, CA – HFF announced today that it has arranged $52
million in financing for Audubon Estates, a 701-home site manufactured
home community in Alexandria, Virginia.
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| Zach Koucos |
HFF worked on behalf of the
borrower, Hometown America, to secure the 10-year, fixed-rate loan through a
correspondent life insurance company lender.
HFF will also service the loan.
Audubon Estates is situated on an 83.73-acre site at 7930
Audubon Avenue, just off Highway 1 approximately 12 miles south of
Washington, D.C. The all-ages community
is 99.9 percent occupied with amenities including 11 playgrounds, various sport
courts, laundry facilities, picnic areas, and on-site RV and boat storage.
The
HFF team representing the borrower was led by director Zach Koucos.
“We have seen tremendous competition this year amongst our
life insurance company correspondents for great manufactured housing assets
such as Audubon Estates,” Koucos said.
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| Doug Minahan |
“We were pleased with how competitive the quotes were that
we received through HFF’s efforts,” said Doug Minahan, vice president of
Hometown America.
“This is a clear indication that lenders are bullish on
high-quality manufactured housing communities located in desirable
markets. It was also great to find
partners through our relationship with HFF that appreciated the long-term
stability of the cash flow generated by the community.”
Founded in 1997 and based in Chicago, Illinois, Hometown
America is a privately-held real estate investor that owns and operates
manufactured housing communities across the country. Today, the company operates more than 45 communities in 11
states.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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