finance V Michigan

Pillar closes more than $7 million to refinance manufactured housing communities in Michigan, Illinois

  

Pillar has originated $7.75 million to refinance a pair of manufactured housing communities, Tallgrass MHC in Coldwater, Michigan, and Oakwood Estates MHC in Springfield, Illinois.

Pillar has originated $7.75 million to refinance a pair of manufactured housing communities, Tallgrass MHC in Coldwater, Michigan, and Oakwood Estates MHC in Springfield, Illinois. Both properties are owned and operated by Littleton, Colorado-based FR Community, a portfolio of nine communities located across the country that feature more than 1,600 home sites. Adam Klingher, managing director of Pillar’s Multifamily and Manufactured Housing Group in Chicago, closed the loans on May 19. Pillar originated a Fannie Mae loan to refinance Tallgrass MHC, a three-star, all-ages manufactured housing community built in 1972. Tallgrass MHC contains 239 sites that predominantly feature single-wide homes. The property was 90 percent occupied at time of close. Pillar also originated a Fannie Mae loan for Oakwood Estates MHC, a three-star, all-ages manufactured housing community built in 1965. Oakwood Estates MHC contains 210 sites that predominantly feature single-wide homes. The property was more than 80 percent occupied at time of close. Pillar sourced the two transactions through Yale Realty & Capital Advisors, a key Pillar Correspondent based in Miami, Florida