New York, NY – May 14, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $4.5 million Fannie Mae loan facility to refinance a manufactured housing community located in Tucson, Arizona.
Located at 3833 North Fairview Avenue, Terra Vista Manufactured Housing Community is an age restricted (55+) community, comprised of 14.5 acres, with no permanent structures. A small building serves as the property’s leasing office and is adjacent to outdoor recreational activities. Terra Vista houses 129 manufactured housing sites. The property was developed in 1970 and all the residential units are owned by individual tenants, except for the leasing office and manager’s home which are owned by the property.
The new loan has a 10-year term with 5-years interest only, amortizing over a 30-year period with a 9.5 year yield maintenance period. The borrower is AFK Real Estate Investments, LLC, a Delaware limited liability company backed by Angus Keith.
“Mr. Keith is a repeat Hunt Mortgage Group and Fannie Mae sponsor with nearly 20 years of experience in both owning and operating manufactured housing communities and RV parks,” indicated Bryan Cullen, Managing Director with Hunt Mortgage Group. “He purchased Terra Vista in 2005, and currently owns five manufactured housing communities and a total of 799 sites. Tucson has a strong established manufactured housing community dominated by the 55+ sector with snowbirds attracted to Arizona’s favorable winter climate,” added Cullen.
Brian Mills, a manufactured housing expert out of Florida, brokered the transaction to Hunt was integral in the negotiation and processing of the application.
“While we have had success with the Fannie Mae MHC program, with the addition of the Freddie Mac MHC Program Hunt expects to continue expand our presence and become a premier lender in this sector,” concluded Cullen.