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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.

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