Alliant Closes $48.5M Manufactured Housing Community Loan
Loan is used to refinance a 55-and-over manufactured housing community outside of Phoenix.
Alliant Credit Union in Chicago continued to build on its recent commercial real estate lending activity – this time with a $48.5 million loan to refinance a manufactured housing community and RV park in Apache Junction, Ariz., 35 miles west of Phoenix.
According to the announcement from the $14.6 billion Alliant Monday, the five-year, interest-only loan was structured to support the property owner’s business plan. Alliant also said the provisions of the loan included equity recapture, future earn-out and a moderate loan-to-value ratio. In addition, proceeds of the loan were used to pay off existing debt.
Alliant said it was referred to the loan refinance opportunity by Patrick Barkley, principal at the Phoenix office of independent mortgage banking firm Gantry.
Built in 1983, the property is a resort-style community for residents ages 55 and over, and its 433 home sites have been fully occupied since 2018 with a year-round population, the credit union said. It also includes 124 RV sites for seasonal residents, an extensive list of amenities including a clubhouse with a banquet hall, business center, spa and outdoor pool, and programming for active residents.
“Alliant is proud to work with an experienced and professional sponsor on this loan closing,” Alliant Commercial Loan Originator Peter Margolin stated. “We were pleased to provide a tailored solution to support this Class A, resort-style community with a proven, longstanding history of profitable operations and strong occupancy.”