Capital One announced it has provided an $11.719 million Freddie Mac adjustable-rate loan to refinance Starlight Mobile Home Park, a 162-space, seniors-only manufactured housing community (MHC) in El Cajon, California, in San Diego County. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily's Birmingham, Alabama, office.
The borrower purchased the park in May, 2015. Starlight has a clubhouse, pool, spa, and community laundry, and almost two-thirds of the homes are owned by the park. “We structured the deal with two years’ interest only,” Hagwood said. “This will give the borrower the chance to put the park on more solid footing.” The El Cajon submarket is performing well, with vacancy rates projected to average 1.8 percent through 2019.
The seven-year adjustable-rate loan has a two-year interest only period followed by amortization on a 30-year schedule.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide. Additional information can be found at www.capitalonemultifamily.com. Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.