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Hunt Provides $24M Fannie Mae Loans for AZ Manufactured Housing Communities
New York-based Hunt Real Estate Capital provided three Fannie Mae conventional loans totaling $24.2 million for manufactured housing communities (MHCs) in the greater Phoenix area. The three properties contain 519 units and are four-star parks restricted to tenants 55 and older.
Hunt Real Estate Capital’s Bryan Cullen says, “These properties, which are made for single- and double-wide homes and RV rental spaces, serve the senior community of Apache Junction well. The owner will continue to install park models in a number of spaces as the market demands.”
The unnamed experienced sponsor manages a total of 2,090 sites in the western U.S. and is a repeat Hunt client and Fannie Mae borrower.
The three loans were limited to Tier 4 underwriting standards (1.55 debt service coverage (DSC) and 55% loan-to-value (LTV)) and all carry 15-year, interest-only terms. This refinance lowered the rate significantly and provided cash out to the borrower while retaining reliable, long-term cash flow.
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