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JLL Arranges Financing for 17-Asset Arizona Manufactured Housing Portfolio
JLL Capital Markets arranged $46.4 million in financing for a manufactured housing portfolio totaling 1,050 home sites within 17 manufactured home communities in the Phoenix and Tucson metropolitan areas. The borrower was a joint venture partnership between Treehouse Communities and an unnamed institutional investor.
The portfolio comprises 16 communities in the Phoenix area and one property in the Tucson MSA. All the communities have convenient access to major highways and Interstates 10 and 17. Of the 1,050 home sites, 179 of the homes are park-owned.
JLL’s Zach Koucos, Chris Collins and Jeremy Womack secured the three-year, floating-rate loan through a balance sheet bridge capital source. Loan proceeds were used to recapture equity and provide funds for capital improvements to the properties.
Koucos says, “Due to rising single family home prices, manufactured home communities have experienced strong occupancy and revenue growth and as a result, rising investor interest.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing