The facility has an adjustable rate with a fixed rate option at Borrower's election. It uses Fannie Mae's Discounted Mortgage Backed Securities for 5-plus-5-year term, which has historically traded under 3-month LIBOR.
Sun Communities Inc. was established in 1975 and became a publicly traded real estate investment trust in 1993. The company owns and operates 117 manufactured housing communities and RV resorts concentrated in the Midwest and southeast. It has over 41,200 units with occupancy of 93 % and an average monthly rent of $306.
ARCS services a portfolio over $9.4 billion with 1,600 borrowers in 39 states. The commercial real estate mortgage banking company's total fundings last year totaled $3.3 billion.
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