Issue link: https://read.dmtmag.com/i/696291
JULY 2016 15 THE JOURNAL T J Grandbridge Real Estate Capital recently closed a $3,600,000 permanent, fixed rate loan secured by Apache Mobile Home Park, a 136-site manu- factured home community (MHC) in Yucca Val- ley, Calif. Located in San Bernardino County, the southern California community is about 20 miles north of Palm Springs. Built in 1963, the 16-acre, age restricted (55+), manufactured home community is jointly owned by the residents, which is somewhat unique to the traditional land-lease community. Birmingham, Ala.-based Senior Vice President Chris Dyson and Tampa, Fla.-based Senior Vice President Todd Elkins originated the transaction. The Dyson/Elkins team has a long and successful history of innovative MHC financing for their clients from California to the Carolinas. Funding for the refinance was provided through Freddie Mac's Standard Delivery Manufactured Housing Community loan product. "Grandbridge is pleased to announce the recent refinance of Apache Manufactured Home Com- munity, which is the first loan closed by Grand- bridge/Freddie Mac with a resident-owned/ cooperative borrower structure in place. We had a great team, from Tom Koos of Monarch Capi- tal, to key Freddie Mac MHC professionals, and most importantly, the Apache Home Owners Board itself. It was immediately obvious and re- freshing to see how much these residents love their community. We collectively enjoyed assisting them with their financing needs. Historically, loans for MHCs with this ownership profile were only attainable through banks and a select group of life insurance companies. We are excited about the future opportunities now available to finance resident-owned communities (especially in Cali- fornia and Florida) and appreciate Freddie Mac's dedication and creativity," stated Elkins. "Monarch Capital Corporation has actively been arranging financing for cooperative manu- factured housing communities for over 20 years. Addressing the financial needs of these affordable member-owned and member-managed communi- ties will be well served by us now having Freddie Mac as a lender in this market niche," stated Monarch Capital Corporation President Tom Koos. "Freddie Mac was pleased to partner with Grandbridge Real Estate Capital to provide our first financing of a MHC Cooperative. Providing liquidity to Resident-Owned Communities has been a goal of Freddie Mac Multifamily since we started our MHC program in 2014. Our long- term, fixed rate financing promotes stability to a segment of the market in need of support by pre- serving the existence and affordability of the com- munity. The residents of Apache Mobile Home Park take great pride in their community and we were happy to meet their refinancing needs. We hope that that this is the first of many resident- owned communities we will support," stated Kelly Brady, Vice President of Underwriting and Credit for Freddie Mac Multifamily. "Apache Mobile Home Park in Yucca Valley, Ca., is a member-owned co-op park. We had a 10-year loan that would soon need to be refi- nanced. Since the company we were with no longer services these type of loans, we made arrangements to meet with Tom Koos of Monarch. Monarch was amazing at guiding us through this process. Our loan is finalized and we couldn't be happier. Grandbridge and Freddie Mac, along with their respective counsel, have been wonderful to work with. They provided easy access for questions and documentation by email. Monarch, Grandbridge and Freddie Mac worked together to provide Apache Mobile Home Park the best financing and we are so pleased with the out- come," stated Apache Board of Directors Presi- dent Lee Gardner. More information about Grandbridge and its full line of products and services is available at Grandbridge.com. HomeCarePlus "The Perfect Addition to Your Home Sales" An Exclusive Warranty For: Manufactured/Modular/ Park Model Homes "A Complete Package Designed for Today's Homes" HomeCarePlus A Warranty Program designed to eliminate Costly Repair Expenses on: Structure, Electrical, Plumbing, Heating, A/C & Appliances HomeCarePlus (800) 851-3738 Office (651) 458-2905 Fax diversifiedprofits@comcast.net No. 11 on Get It Quick Page communities. Conclusion Sam Zell is a terrific asset to our in- dustry, as he's well-respected for his investment acumen, and his involvement in our sector is an affirmation of its desirability. But he also has a Will Rogers' side to his character that makes for good reading. Frank Rolfe has been a manufactured home community owner for almost two decades, and currently ranks as part of the 5th largest community owner in the United States, with more than 21,000 lots in 25 states in the Great Plains and Midwest. His books and courses on community acquisitions and management are the top-selling ones in the industry. To learn more about Frank's views on the manufactured home community industry visit www.MobileHomeUniversity.com. \ 14 Grandbridge Facilitates Freddie Mac's First Resident-Owned Cooperative Manufactured Home Community Loan