Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Flagship Communities REIT Acquires MF Properties in Indiana, Ohio for $79M
Flagship Communities Real Estate Investment Trust completed two acquisitions for $79 million, expanding its presence in both Indiana and Ohio.
Flagship acquired a manufactured housing community in Seymour, Indiana, for $45 million, which will be funded primarily through new debt financing sources. Additionally, the REIT also waived due diligence on the acquisition of an MHC portfolio in the Greater Cincinnati, Ohio market, comprised of three separate manufactured housing communities for $34 million.
The acquisition will be funded through the assumption of $14.3 million of debt at a weighted average interest rate of 2.84% as well as additional debt financing sources. The acquisitions are being funded with a new $70 million unsecured term loan.
The Seymour community is comprised of 744 lots, of which 91.2% are occupied, and includes 85 lots for future expansion. The Greater Cincinnati properties are comprised of 496 lots, of which 65.5% are occupied.
