Capital One Multifamily Finance provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class-A manufactured home community in Howell Township, Mich., in the Detroit market.
Damon Reed, senior vice president and Capital One Multifamily’s director of MHC finance, originated the transaction. The key principal is a first-time customer of Capital One and has more than 20 years of MHC experience. The proceeds from the loan will be used to retire higher-rate debt, and to return cash to the partnership to allow it to acquire additional homes and enhance amenities for residents.
The sponsor developed Burkhart Ridge in three phases betweeen 1999 and 2005.
The 10-year fixed-rate loan has one year of interest-only payments and a 30-year amortization payable on an actual/360 basis.
