Multifamily V Michigan

Pillar closes $11 million loan for Michigan manufactured housing community

  

Pillar Financial originated an $11 million loan for the acquisition of Mill Pond Village MHC at 1500 Old Mill Lane in Lansing, Michigan.

The property is about seven miles from Michigan State University and the State Capitol.

Adam Klingher, managing director of Pillar’s Multifamily and Manufactured Housing Group, originated a fixed-rate, 15-year Fannie Mae loan with a 30-year amortization rate. The transaction closed on July 14.

Mill Pond Village MHC is a three-star, all-age manufactured housing community built in 1973 that contains 356 sites. Forty percent of the sites can accommodate double-wide homes.

The property was 93 percent occupied at time of close. Pillar sourced the transaction through Chris San Jose, head of lending operations at Yale Realty & Capital Advisors, a key Pillar correspondent based in Miami. The borrower is a family-owned private investment company and longtime client of both Pillar and Yale Realty.