Capital One announced it has provided a $10.1 million fixed-rate Fannie Mae loan for the acquisition of Sunset Park, a 165-space manufactured housing community (MHC) in Loveland, Colorado — approximately 50 miles north of Denver.  Damon Reed, Senior Vice President and Capital One Multifamily Finance’s Director of MHC Finance, originated the transaction.
 
The sponsor has more than 30 years of MHC experience and has frequently turned to Capital One for financing, with this most recent transaction marking its 23rd loan with the bank. 
 
“The sponsor had multiple requirements for this transaction, most of which were related to the need to close and rate lock quickly,” Reed noted.  “In the end, we were able to lock in a low interest rate and maximize funding while meeting a hard deadline.  I believe that our experience providing MHC finance through Fannie Mae helped our team accomplish these goals.”
 
Reed’s team was in a position to rate-lock within 30 days of application, a quick response that allowed Capital One to lock in the majority of the loan immediately and then increase the balance to reflect collections after a scheduled rate increase. 
 
Sunset Park is 100 percent occupied and restricted to tenants 55 and above. Sunset Park opened in 1985 with 40 spaces and then added 125 additional spaces as part of a major expansion in 1998. 
 
The fixed-rate loan has a 10-year term, with five years of interest-only payments followed by amortization on a 30-year schedule.
 
Capital One Multifamily Finance is a leader in providing creative and timely financing solutions to the MHC industry nationwide.  With specialized expertise in Agency finance—including Fannie Mae, Freddie Mac and FHA—the Multifamily team is uniquely positioned to provide borrowers with the best possible solutions for their evolving needs.