NorthMarq Refi’s Poway Mobile Home Park
NorthMarq arranged $24.25 million to refinance Poinsettia Mobile Home Park, a 262-space affordable senior and family mobile home community in Poway, CA. The transaction was structured with a 10-year term on a 30-year amortization schedule.
The property, located at 13648 Edgemoor St. and 13610 Poinsettia Dr., is comprised of a 124-pad senior section (55+) and a 138-pad family section. Occupancy is restricted to lower income and very low income residents.
NorthMarq Capital San Diego regional office’s Gardiner Champlin and Marty Meagher arranged the financing for non-profit sponsor, Wakeland Housing and Development Corporation. NorthMarq arranged financing for the borrower through its Fannie Mae platform.
Meagher says, “The financing will support the city’s objective of preserving this affordable housing community in perpetuity for the citizens of Poway, California.”
For comments, questions or concerns, please contact Dennis Kaiser