Greystone Funds Mobile Housing Deal

The firm provides $33.7 million to fund the acquisition of Belmont Shores Mobile Estates in Long Beach.

Greystone has provided $33.7 million to fund the acquisition of Belmont Shores Mobile Estates in Long Beach. The property features 347 age-restricted manufactured housing and mobile home units.

The $33.7 million Freddie Mac loan has a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

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