Capital One has provided a $2.625 million Freddie Mac fixed-rate loan to refinance Palm Drive Mobile Home and RV Park, a manufactured housing community (MHC) in Wickenburg, Arizona, part of the Phoenix MSA. Senior Vice President Chad Thomas Hagwood, head of Capital One Multifamily’s Birmingham, Alabama office, originated the transaction. The borrowers have over 32 years of experience developing, owning, and managing MHCs, and used the proceeds to retire existing debt.
Built in 1970, Palm Drive has 67 singlewide spaces, seven doublewide spaces, three apartment units, and 16 RV spaces. The homes include two or more parking spaces each and have well maintained landscaping. The property includes a clubhouse with laundry facility. The clubhouse has been recently renovated.
The fixed-rate loan has a seven-year term, 6.5 years of yield maintenance, and one year of interest-only payments followed by 30-year amortization payable on an actual/360 basis.