Texas Manufactured Housing Community Lands $5M Loan
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Maverick Commercial Mortgage has arranged a $4.5 million loan for the 98-site Oak Haven Estates in Arlington, Texas. The 10-year financing was limited to 71 percent loan to value and featured a more than 30 year amortization period.
Morgan Stanley Bank originated the debt, according to public records. Proceeds from the loan were used to pay off the existing lender, return equity to the borrower and cover the closing costs.
Located at 415 NE St., roughly 20 miles from downtown Fort Worth, Texas, Oak Haven Estates is within walking distance of retail and dining options, as well as the Cowboys’ AT&T stadium. Spread across 9 acres, the property comprises driveways and full utility hook-ups for each unit, as well as asphalt roads, concrete parking, city water and sewer.
At the beginning of September, Morgan Stanley Bank originated a $14.1 million loan for the acquisition of a self storage portfolio in Austin, Texas. The collection encompasses some 177,000 square feet of space across three properties.
Read more about these exciting projects at cpexecutive.com.