Maverick Commercial Mortgage, Inc. Announces $9,530,000 First Mortgages On Two Mobile Home Parks in Texas
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a two first mortgage loans for Summer Haven Mobile Home Park and Holiday Acres Mobile Home Park. Summer Haven Mobile Home Park is located at 650 Summer Haven in Forney, Texas. The park features 105 mobile home sites. Forney Texas is in Kaufman County and has been named by the Texas legislature as the “Antique Capital of Texas”. It is part of the Dallas-Fort Worth metroplex. The subject property is located nearby US-80 that provides easy access to I-635 and downtown Dallas. US-80 and the area adjacent to the subject property is a high traffic corridor that attracts many retailers including Lowe’s Home Improvement, GameStop, and several other retail and restaurant desatination.
Holiday Acres is a 137 site community located at 2701 Leary Lane in Victoria, Texas. The community is centrally located within five minutes of the best schools in the area. The community is also not far from the Victoria Mall and Cinema, approximately 2.5 miles away. Additionally, the community is near Wal-Mart, Lowes, and Home Depot. The nearest larger metropolitan areas are Port Lavaca (28 miles) and Corpus Christi (94 miles). Community amenities include: large shaded home sites, swimming pool with fenced in sun deck, picnic and grilling area, playground, two car driveways, cable TV access, storage sheds, club room, on-site office manager, and community activities. The park receives city sewer and water service.
The ten year, non-recourse loans have a fixed interest rate, a three year interest only period, then amortizes over a 30 year schedule. Proceeds from the loan were used to payoff the first mortgage lenders, paid for closing costs and returned equity to the borrowing entity. Maverick Commercial Mortgage provided acquisition financing for these properties 5 years ago. The borrowers were able to execute their value-add business plan and thus able to qualify for permanent cash-out financing.
American Dream Communities is an active repeat client of Maverick Commercial Mortgage, Inc. The properties are owned and managed by affiliates of American Dream Communities based in Dallas TX. The firm owns and manages manufactured housing communities in Texas, Oklahoma and Florida and is in the expansion mode at this time. The company specializes in the acquisition and turnaround of MHCs.
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 Ben Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.