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Capital One Closes $3.27MM Loan for LA-Area Manufactured Housing Community

January 06, 2016, 06:43 AM
Filed Under: Real Estate

Capital One announced it has provided a $3.27 million Fannie Mae adjustable-rate loan for the acquisition of Sierra Mobile Home Park, a seniors-only manufactured housing community (MHC) in Santa Clarita, California, northeast of Los Angeles. Senior Vice President Chad Thomas Hagwood originated the transaction.  Hagwood leads Capital One Multifamily's Southeast offices out of Birmingham, Alabama. 
The borrower aims to increase its NOI at Sierra by increasing occupancy and adjusting rates to market levels. Built in 1956, Sierra Mobile Home Park had been held by the same owner for 50 years and is in good condition.  Community amenities include a clubhouse, pool and laundry room.
The seven-year adjustable-rate loan has a three-year interest-only period followed by amortization on a 30-year schedule.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide. Additional information can be found at Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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