Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced the closing of a $7,450,000, cash-out refinance loan deal for Country Glen, a manufactured housing community located at 101 Town Street in Weir, Texas.
Cindy Hannon, senior vice president in Bellwether Enterprise’s Atlanta office originated the loan on behalf of the borrower, Country Glen LLC, via Fannie Mae’s Manufactured Housing Community program.
“This deal is especially exciting because we were able to provide the property owner with an extremely competitive interest rate,” said Hannon. “The greater Austin area is one of the most desirable places to live in in the U.S., and we are pleased to expand our portfolio in the area.”
Country Glen is a 121-pad manufactured home community comprising mostly one-bedroom, single-wide pads and a small number of double-wide homes. The property was built in 1999 and has been under the ownership of the borrower for more than ten years. The property has operated at 100 percent occupancy for the past several years.