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Capital One Closes $2.58MM to Refinance Manufactured Housing Community

December 03, 2015, 07:53 AM
Filed Under: Real Estate

Capital One announced it has provided a $2.585 million Freddie Mac fixed-rate loan to refinance Wagon Wheel Mobile Home Park, a manufactured housing community (MHC) in Phoenix, Arizona. Senior Vice President Chad Thomas Hagwood originated the transaction.  Hagwood leads Capital One Multifamily's Birmingham, Alabama, office.  The borrowers, who currently own MHCs in Arizona, California, Colorado, Idaho, and Utah, will use the proceeds to retire existing debt.
Built in 1963, Wagon Wheel has 75 singlewide spaces, six doublewide spaces, a single-family home, and six RV spaces. Each home has two parking spaces or more, and the property includes a clubhouse with laundry facility and a swimming pool.  It is located within two miles of Phoenix Sky Harbor International Airport. 
The fixed-rate loan has a ten-year term payable on a 30-year amortization schedule and 9.5 years of defeasance.
Capital One is a leading provider of agency financing for manufactured housing communities. Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide.

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