Tuesday, March 29, 2011
HFF arranges $8.9 million refinancing for Carlsbad, CA mobile home community
LOS ANGELES, CA – HFF announced today that it has arranged an $8.9 million refinancing for Lanikai Lane Mobile Home Park (top left aerial), a fully-occupied, 146-pad site in Carlsbad, California.
Working on behalf of Irvine, California-based Core Capital Investments, HFF placed the four-year, 6.55 percent fixed-rate, interest-only loan with ING Investment Management.
Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years. The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park.
Lanikai Lane is located at 6550 Point Drive across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the COASTER rail line providing access into downtown San Diego. The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa.
The HFF team representing the borrower was led by director Tina Derderian (lower right photo)
Tina K. Derderian, HFF Director, (310) 407-2100, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500