Maverick Commercial Mortgage closed a $4,500,000 first mortgage on Oak Haven Estates manufactured housing community located at 415 N. East Street in Arlington, Texas.
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.
The subject property is situated on 9.05 acres just southeast of Cowboys Stadium. The site is improved with 98 mobile home pads. The site features driveways and full utility hook-ups for each unit and is within close proximity to schools and shopping. The property features asphalt roads, streetlights, city water and sewer, concrete parking and many mature trees.