(Read more on the debt and equity markets andmore on the multifamilymarket.)
WHITING, NJ-The developer of Pine Ridge South, a 381-homemanufactured housing community, has picked up a $17-millionrefinance loan for the 97-acre property. The financing was arrangedby Green Park Financial of Bethesda, MD, and replaces the financingoriginally placed by Green Park Financial in 2002 for borrowerTemple 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 ofinterest-only followed by a 30-year amortization, according toGreen Park's Andrew Tapley, who led that firm's team in thetransaction. Dave Susank of Johnson Capital, Irvine, CA originatedthe loan.
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