Mobile Home Park Refinance
- Capital Source: Bank
- Purpose of Loan: Rate & Term Refinance
- Loan Amount: $9,064,000
- LTV: 80%
- Rate: 3.75%
- Term: 5 Years
- Amortization: 20 Years
- Prepayment: Stepdown
- Recourse: Recourse
Tower Capital recently refinanced a 185-unit mobile home park community located in Williston, North Dakota. The property was originally acquired by Tower’s client several years ago to take advantage of the shale oil boom, however, challenges with the oil industry and fracking have reduced the demand for housing in the area. The property possesses county permits to convert the existing subdivisions to individual fee simple lots. Majority of the property’s income comes from the lots and a small portion comes from owning units. The sponsor plans to convert vacant lots into single family homes and use the proceeds to pay down the loan.
The $9,064,000 bank loan secured by Tower offers the sponsor a 5-year fixed rate loan at 3.75% based on a 20-year amortization schedule. The loan is structured to provide lot releases as the borrower executes their business plan.
About Tower Capital:
Tower Capital was founded to enable owners of commercial real estate to achieve their investment goals with the least amount of time, energy, and cost, while creating surety of execution and peace of mind.
Established in 2015 and headquartered in Phoenix, Arizona, Tower Capital provides customized structured financing to investors throughout the United States. We specialize in debt and equity placement ranging from $3 Million to $300 Million and have financed over $2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.