Capital One Multifamily Finance announced today that it has provided a $6.6 million Fannie Mae fixed loan to refinance Turf Mobile Manor, a 199-space manufactured housing community (MHC) in Phoenix, Arizona. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction.

Capital One met the sponsor’s tight timetable in originating the loan, closing in time for them to pay off the existing loan at maturity.  The sponsor is using the proceeds from the loan to retire existing debt and return capital to the partners, and was able to lower their interest rate by 75 basis points.

Reed also originated the existing loan, and the deal marks the sponsor’s 18th transaction with Capital One Multifamily. “Although the sponsor is a repeat customer, we approach each new deal with them as if it were our first,” Reed said.  “Each transaction is an opportunity to reaffirm their faith in us.”

Developed in 1970, Turf Mobile Manor maintains a 3.5-star rating, and offers a suite of amenities that includes a clubhouse, billiards room, swimming pool and spa, picnic area, and laundry facilities.  It is fully occupied, and all its sites can accommodate multi-sectional homes. 

The loan is a  ten-year fixed rate loan with a 30 year amortization schedule, payable on an actual/360 basis.

Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.