Parakeet Secures $114M to Acquire 12-Community Mobile Home Portfolio
Madison Realty Capital has originated a $114 million loan to Washington, DC-based Parakeet Communities for a portfolio of 11 mobile home communities located in FL and another in NC.
An initial loan of $50.9 million will be used to pay closing costs, repay corporate debt, and create light capital improvements across the initial portfolio. The loan will be upsized up to $114 million as needed to future fund additional acquisitions as Parakeet identifies attractive investments that fit the same profile as the initial portfolio.
“The institutional approach, and operational efficiencies of scale that Parakeet brings to a typically disaggregated rental market will provide under-managed parks with much-needed capital improvements to maximize their growth potential and improve quality of living for residents,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.
The initial portfolio is 88% occupied and consists of approximately 1,100 pad sites.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.