Issue link: https://read.dmtmag.com/i/708576
AUGUST 2016 15 THE JOURNAL Pillar, a Guggenheim Partners affiliate and an industry leader of financing solutions for afford- able, market rate multifamily and healthcare properties, announced that it has originated more than $40 million for the acquisition of three highly-rated Manufactured Housing Community (MHC) properties and the refinance of two highly-rated MHC properties. Arthur W. Tuver- son, Managing Director of Pillar's MHC/RV Re- sort Group located in San Clemente, California, originated the loans with Fannie Mae loans and Freddie Mac loans. Pillar closed the transactions in April & May 2016. Tuverson originated three acquisition loans, including an $11.55 million adjustable, seven- year Freddie Mac loan for Lake Villa Estates MHC in Oxford, Michigan, a $4.5 million fixed-rate, 10-year Freddie Mac loan for Pioneer Village MHC in Denver, Colorado, and a $2.612 mil- lion fixed-rate, 10-year Fannie Mae loan for Lake Waldena MHC/RV Resort in Silver Springs, Florida. All three loans were originated with a 30- year amortization schedule. Lake Villa Estates MHC is a four-star, all-age MHC located in Oakland County, Michigan (Detroit MSA), which is home to more than 1.2 million residents. The area boasts a 4.2 percent unemployment rate (more than one percentage point lower than the national unemployment rate). Lake Villa Estates MHC was built in 1973 and 1993 on 174 acres and features 852 sites with 60 percent double-wide homes and the balance single-wide homes. Lake Villa Estates MHC was 58 percent occupied at time of close. Pioneer Village MHC is a three-star, all-age MHC located near downtown Denver. The prop- erty was built in 1950 and 1966 on 11 acres and features 113 sites, including one stick-built apart- ment and two vacant sites. Twenty percent of the homes in Pioneer Village MHC are double-wide and the balance single-wide. The property boasts a 95 percent occupancy rate for the last 10 years and was 98 percent occupied at time of close. Lake Waldena MHC/RV Resort is a three- star, 55 and older MHC and an all-age RV Resort property. The Lake Waldena community is built with a variety of amenities, including a club- house/recreation hall, playground area, shuffle- board and horseshoe courts, swimming pond, bath/laundry building, fitness center and a pet wash station. Lake Waldena MHC consists of 228 total MHC sites and 105 RV Resort sites which are built on 25 acres. Forty percent of the manufac- tured homes are double-wide and 50 percent of the RV sites are leased to annual residents. The property was 99 percent occupied at time of close. "Pillar sources some of its loans directly and some through long-term broker relationships," added Tuverson. "We sourced Lake Villa Estates MHC, Pioneer Village MHC and Lake Waldena MHC/RV Resort through Yale Realty & Capital Advisors, a key Pillar mortgage broker based in Miami, Florida." Tuverson also originated two fixed-rate, 10- year term Fannie Mae refinance loans with a 30- year amortization schedule, including an $18.87 million loan for Pleasanton Hacienda MHC in Pleasanton, California, and a $2.82 million loan for Crest Mobile Estates in Fountain, Colorado. Pleasanton Hacienda MHC is a four-star, 55 and older MHC located approximately 30 miles Southeast of Oakland and 25 miles North of San Jose. The property was built in 1971 and features 149 sites and three long-term RVs that have been occupied for more than 3 years. Pleasanton Ha- cienda MHC is occupied with 97 percent double- wide homes and the balance single-wide homes. Historically, the property has been 95 percent oc- cupied due to the community's amenity offerings and high quality homes. The property was 97 per- cent occupied at time of close. Crest Mobile Estates is a three-star, all-age MHC located 15 minutes from downtown Col- orado Springs, Colorado, which has a population of 650,000 residents. Crest Mobile Estates was built in 1968 and features 107 sites, including one stick-built home. Five percent of the sites are double-wide homes and the balance single-wide homes. The property was 91 percent occupied at time of close. Pillar is a direct lender for multifamily and healthcare properties, serving clients across the U.S. in more than 20 major markets. The com- pany's lending platform consists of Fannie Mae, Freddie Mac, HUD and CMBS products. Pillar provides a full array of financing solutions, cover- ing market-rate and affordable multifamily hous- ing, student and senior housing, manufactured home and RV communities. For more information, visit www.pillarfi- nance.com. SOUTHEAST COMMUNITY OWNERS SYMPOSIUM Lowest attendee registration cost ANYWHERE! Bring your whole team! SECO 2016...READY – SET – GO! Wed & Thurs 10/26 and 10/27, 2016! SECO is designed and delivered by and for small & mid-size community owners & management/sales personnel. • Learn the latest tips and advice for buying, financing, marketing, renting, and selling new manufactured homes in your community through informative presentations and panel discussions by your peers. • Tour 6 of the latest Community Series homes on display at the venue. • Meet 20+ vendors/suppliers. Where? Holiday Inn Atlanta-Perimeter/Dunwoody 4386 Chamblee-Dunwoody Road, Atlanta, GA $199 Registration and $89/night Room Reservation will open August 1st on www.SECOConference.com If you are a Manufactured Home Builder, Supplier/Vendor, or Sponsor and are interested in participating in SECO 2016, please contact Genevieve Ketelle, event coordinator, at (770) 871-6889 or genevieve@SECOConference.com No. 9 on Get It Quick Page Pillar Originates More Than $40 Million For Five Manufactured Housing Community Properties