X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CROSBY, TX-Two mobile home parks, one in this northeast Houston suburb and the other in Port Neches, TX, have been acquired by Meadow Lark Crosby LP with a $1.7-million loan through Chicago-based LaSalle National Bank.

The 24-year-old Crosby Mobile Home Park has 60 home spaces and is located at 2929 US Highway 90. Meadowlark Estates at 3001 8th Street in Port Neches has 107 home spaces and was developed in 1979. The properties are approximately 97% leased.

Tucker Knight, associate director with the Houston office of Holliday Fenoglio Fowler LP, arranged the financing for the loan. He tells GlobeSt.com that by cross-collateralizing the two properties with one loan, lenders found the deal more appealing. The two properties were acquired from a private individual from Beaumont, TX, he adds. The buyer is also a private investor from Houston that specializes in mobile home parks.

The five-year loan has a 5.62% fixed interest rate and a 30-year amortization schedule. The deal has an 80% loan-to-cost ratio, says Knight, and was put together in about 45 days.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.