NEWPORT BEACH, CA-One borrower has refinanced two maturing CMBSloans on mobile home parks, and another has paid off a bridge loanfor an office building in three new refinancings totaling $31million, with two of the loans providing significant cash out tothe borrower. Principal Jeff Tomei of locally based KnightsbridgeRealty Capital, who represented the borrowers in all three deals,tells GlobeSt.com that the mobile home park borrower is LosAngeles-based and the office building borrower is based in OrangeCounty.

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Both of the mobile home refinancings are five-year loans by anational bank at a floating rate of 325 bps over 30-day Libor witha 4.25% floor. One is a $14 million loan for a 189-space mobilehome park in Orange County, subject to a ground lease, thatamortizes over 20 years. The second is a $15 million loan for a226-space mobile home park located in the Inland Empire on a30-year amortization.

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Tomei says that manufactured housing properties continue to be afavored sector for most lenders who are actively seeking tooriginate loans. Both of the mobile home property loans “provided asignificant amount of cash out to the borrower,” he notes.

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The third refinancing was for an 11,381-square-foot,single-tenant office building in Vallejo, CA that is occupied bythe Social Security Administration, which has signed a new 15-yearlease. The $2.1 mm loan was provided by a life company and paid offa bridge loan in addition to providing proceeds to enhance thespace for the SSA. The new loan is for 10 years at a 6.5% fixedrate and a 15-year amortization schedule.

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