On the last day of business in 2022, Maverick Commercial Mortgage, Inc. funded a $6,900,000 loan on three value-add mobile home parks located in the Midwest.
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The portfolio owned and managed by Park Place Communities includes Green Acres, a 225-pad property in Emporia, KS; Maplewoods, a 105-pad property in Odessa, MO; and Milwood MHC, and a 76-pad property in Kalamazoo, MI. The loan was funded by a Midwest debt fund that funds bridge loans on a national basis.
All three of the properties are slated for massive capital improvement projects. New mobile homes will be acquired and installed, used homes will be renovated, and abandoned homes will be demolished. Plans are also underway for new asphalt roads, parking pads and landscaping, wastewater treatment plant upgrades, and additional site work.
The lender really placed premium value on the capital projects for each property and was able to underwrite loans based on the future value of the properties, as there is significant demand for affordable housing in each of the three Midwestern markets. The funds were used to refinance existing debt, cover loan fees, create an interest reserve, and maintain reserves for capital projects and chattel purposes at each property.
Legal work for the lender was handled by Michigan-based Honigman. Legal services for the borrower were provided by Matthew Levine of Titus, Brueckner and Levine, based in Scottsdale, AZ. Title work was handled by First American Title.
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 firstname.lastname@example.org.