SAN DIEGO, October 22, 2020 - JLL Capital Markets announced today that it has arranged more than $118 million in financing in separate transactions for seven manufactured home communities totaling 1,038 home sites in Southern California.
JLL worked on behalf of various operators to secure fixed-rate financing through various lenders, including Fannie Mae, Freddie Mac, life insurance companies and a regional credit union.
Additional property and loan details are below:
Pacific Sunset and Western Skies, Anaheim - $24.4 million total, long-term, non-recourse life insurance company loans
Tumbling Waters, Covina - $9.96 million, 30-year, fully amortizing Fannie Mae loan
Confidential Inland Empire all-age community - $57.2 million, 2.35% fixed-rate, 10-year, full term interest-only Fannie Mae loan
Beachwood Park, Dana Point - $13.5 million, 10-year fixed-rate at 2.4%, Fannie Mae, five years interest-only
Stardust MHC, Ventura - $7.24 million, 2.74% fixed-rate, 10-year, non-recourse Freddie Mac loan
El Capitan MHC, El Cajon - $6.38 million, seven-year regional credit union financing, three years interest-only
The JLL Capital Markets team representing the various borrowers on all seven transactions was led by Managing Director Zach Koucos.
'We continue to see lender and borrower appetite for the manufactured housing space increase as the sector has seen strong occupancy growth and rent growth stability,' Koucos said. 'Our recently released Manufactured Housing Trends Report addresses this trend and examines the industry's resiliency through the pandemic with notably positive trends when compared to other asset classes within commercial real estate.'
[3:47 PM] Murphy, Kristen
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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