Jones Lang LaSalle Incorporated : Over $118M in CA manufactured home financings closed by JLL
October 26, 2020 at 11:20 am EDT
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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
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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Jones Lang LaSalle Inc. published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2020 15:19:05 UTC
Jones Lang LaSalle Incorporated is a commercial real estate and investment management company. The Company operates through five segments: Markets Advisory, Capital Markets, Work Dynamics, JLL Technologies and LaSalle. Markets Advisory segment offers local expertise across the globe, covering a comprehensive range of services across asset types. It aggregates such services into three categories: Leasing, Property Management, and Advisory, Consulting and Other. Capital Markets segment provides full-service capital solutions, including Debt advisory, Loan sales, Equity advisory, Loan servicing, and Investment sales and advisory. Work Dynamics segment offers a single, cohesive service delivery team. JLL Technologies segment offers professional services, including program and project management, implementation and support, managed services, and advisory/consulting services. LaSalle segment invests institutional and individual capital in real estate assets and securities.