MIDDLETOWN, DE—The Reybold Group secured a$13 million loan to refinance a 412-pad sitemanufactured housing community here calledVillagebrook.
Meridian Capital Group's Jim Bologno arrangedthe mortgage with a regional balance sheet lender. The five-yearloan has a fixed rate of 3.5%.
Located at 404 Adler Ave., Villagebrook is transitioning fromolder units to newer and larger units in order to raise rents,Bologno explains—a process that requires combining sites toaccommodate the larger structures. Meridian had to explain tolenders the upside reducing the total number of sites, Bolognosays. A line of credit was also arranged to help facilitate thetransition.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
