Manufactured Home Park Secures Financing

A private investor has secured a $27.6 million loan to refinance Imperial Ventura, a 372-space manufactured home community. Capital One funded the Fannie Mae loan, which has a 12-year fixed-rate and six years of interest-only payments, followed by amortization on a 30-year schedule.

In addition to the 372 spaces, the community also includes two single-family homes. It is 100% occupied and has maintained 99% occupancy over the last 10 years.

Damon Reed, SVP and Capital One Multifamily Finance’s Director of MHC Finance, originated the transaction.