The Scottsdale-based investor, Keith Vanderhout, is a long-termcustomer of both financial institutions, says Chad Hagwood, a vicepresident with the Stamford, CT-based GMAC Commercial. "Keith avery well respected owner in the Valley," he adds.
Hagwood tells GlobeSt.com that Vanderhout received a fixed-rate,non-recourse loan for 80% of the total acquisition cost. The10-year loan offers a rate of 5.6% with 30-year amortization. "Welooked at a number of options with different lending positionsinternally and externally," Hagwood says. "At the end of the daythere was a certainty of execution with GMAC and LaSalle Bankbecause of the existing relationship.
Tiki Tai Village Mobile Home Park is an all-age manufacturedhome community located 5745 W. Maryland Ave. The property, built inthe 1970s, has of 82 sites, which are 94% leased.
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