SAN DIEGO, CA – HFF announced today that it has arranged $52 million in financing for Audubon Estates, a 701-home site manufactured home community in Alexandria, Virginia.
HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate loan through a correspondent life insurance company lender. HFF will also service the loan.
Audubon Estates is situated on an 83.73-acre site at 7930 Audubon Avenue, just off Highway 1 approximately 12 miles south of Washington, D.C. The all-ages community is 99.9 percent occupied with amenities including 11 playgrounds, various sport courts, laundry facilities, picnic areas, and on-site RV and boat storage.
The HFF team representing the borrower was led by director Zach Koucos.
“We have seen tremendous competition this year amongst our life insurance company correspondents for great manufactured housing assets such as Audubon Estates,” Koucos said.
“We were pleased with how competitive the quotes were that we received through HFF’s efforts. This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets. It was also great to find partners through our relationship with HFF that appreciated the long-term stability of the cash flow generated by the community,” said Doug Minahan, vice president of Hometown America.
Founded in 1997 and based in www.hometownamerica.com., Illinois, Hometown America is a privately-held real estate investor that owns and operates manufactured housing communities across the country. Today, the company operates more than 45 communities in 11 states.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.