BIRMINGHAM, MI—Locally based Q10|LutzServices has secured $108 million in financing for a portfolio of 47 manufactured housing properties and three apartments in Wisconsin, Minnesota, Michigan, Ohio and Maryland.
The unnamed, Midwest-based privategained $99 million for the manufactured housing sites and $9 million for the multifamily properties. Adam Lutz, managing principal at Q10|Lutz, said the borrower was able to refinance a conduit loan that encumbered all of its assets in one cross-collateralized, cross defaulted pool. The terms of the manufactured housing property pools were 75 percent loan to value, 10-year, non-recourse loans with 30-year amortization schedules at an interest rate of 4.4 percent.
“This transaction reflects a positive trend in the manufactured housing industry,” Lutz said in a statement. “As the overall economy and housing market continue to improve, more financing options are available for tenants who want to reside in manufactured housing communities. As occupancy rates have increased nationwide, the cap rates have continued to decline.”