Maverick Commercial Mortgage Closed $18,279,350 in First Mortgages for a Five Property Portfolio of Manufactured Housing Communities located in Oklahoma, Texas, and Florida
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the financings for the following manufactured housing communities:
Lakeside Estates MHC is located at 200 Devault Street in Umatilla, Florida and consists of 114 pads. Amenities include a clubhouse, pool, shuffleboard, and docks at the lake. The borrowers plan to purchase 65 new houses.
Tulsa Estates MHC is located at 8530 West 85th Street in Tulsa, Oklahoma and consists of 92 pads. The borrowers plan to purchase 18 new houses.
Riverside Asso MHC is located at 4400 Gibson Street in Muskogee, Oklahoma and consists of 139 pads. Amenities include a playground and large office with a community room. The borrowers plan to purchase 21 new houses.
Midway Estates MHC is located at 24103 OK-66 in Claremore, Oklahoma and consists of 117 pads.
Burleson Estates MHC is located at 248 East Bethesda Road in Burleson, Texas and consists of 75 pads.
The portfolio financing featured two structures, an acquisition loan and a home loan. The acquisition loans have an advance rate 70% of project cost. It funded the purchase of the MHC’s, provided capital improvements dollars and paid for closing costs. The acquisition loans have a three-year term and amortizes over a 30-year period. The home loan has an advance rate of 85% of project cost. It funded the acquisition of 104 new manufactured homes and paid for closing costs. The home loan has a term of three-years and amortizes over a 15-year period.
The loan was funded 35 days after lender receipt of the signed term-sheet. The financing was provided by a national lender that focuses on financing MHCs. Maverick Commercial Mortgage has closed in excess of $50M with this lender over the past 12 months. Emmett Berryman and Matt Manning of Liechty, McGinnis, Berryman, and Bowen out of Dallas, Texas provided legal counsel for the borrowers.
The borrower, American Dream Communities (“ADC”) is actively acquiring and operating manufactured home communities in multiple states across America. The portfolio is comprised of both value-add and stabilized communities.
ADC is excited about the value-add potential of this portfolio. The turn-around plan includes pad and site improvements to accommodate infilling 104 new manufactured homes. ADC is looking forward to working with Maverick on future projects.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle market real estate developer and investor clients. Please contact Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.