(Read more on the debt and equity markets and more on the multifamily market.)

WHITING, NJ-The developer of Pine Ridge South, a 381-home manufactured housing community, has picked up a $17-million refinance loan for the 97-acre property. The financing was arranged by Green Park Financial of Bethesda, MD, and replaces the financing originally placed by Green Park Financial in 2002 for borrower Temple Cos., as well as a supplemental loan taken by the developer, a locally based family-owned company.

The new loan carries a 10-year term, three years of interest-only followed by a 30-year amortization, according to Green Park’s Andrew Tapley, who led that firm’s team in the transaction. Dave Susank of Johnson Capital, Irvine, CA originated the loan.

“The loan took advantage of Green Park’s early rate-lock option and was underwritten to a 77% loan-to-value with a 1.20x debt-service coverage ratio,” Tapley says. “We locked this deal within two weeks of loan application and closed the loan 60 days after the application was received.”

Temple Cos.’ Pine Ridge South at 38 Pine Ridge Blvd. is an upscale senior manufactured home community. The property was 99% leased at the time of the loan closing.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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 © 2024 ALM Global, LLC. All Rights Reserved.