Maverick Commercial Mortgage closed on the first mortgage for Hillcrest and Chiesa Manufactured Housing Communities. Hillcrest MHC is located at 2500 Forth Worth Drive in Denton, Texas and Chiesa Estates is located at 7400 Chiesa Road in Rowlett, Texas.
Hillcrest MHC sits on 5.84 acres in an “enterprise zone” which encourages more commercial development. Because of this, existing housing is much more valuable, as it will provide housing for people who work in the new developments. The surrounding area also has ample retail, schools and churches which makes it a desirable place to live.
Chiesa Estates is situated on approximately 19.81 acres. The park is in the path of growth, mainly in the single- and multi-family housing arena. There are numerous high-end, single-family housing subdivisions in and around this community. The park is within close proximity to churches, schools and shopping. The property features asphalt roads, streetlights, city water and sewer, concrete parking and many mature trees.
The 10-year fixed-rate first mortgage was limited to 71 percent loan to value. The loan was non-recourse and amortized over a 30- year period. Proceeds from the first mortgage paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. The loan was funded by a national lender.