BETHESDA, MD – In partnership with Fannie Mae, Beech Street Capital, LLC announced that it has provided $4.55 million in financing for the acquisition of Mesa Village (top left photo), a manufactured home community (MHC) in Mesa, Arizona. The age-restricted 55+ community consists of 201 single- and double-wide home sites. Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender.
“This is the first of many MHC transactions we hope to complete,” said Grace Huebscher (middle left photo), president and CEO of Beech Street Capital. “We have a great deal of experience in this area, a number of deals in the pipeline, and a real commitment to grow this business.”
An occupancy rate of just 74.88% was a hurdle that Beech Street overcame in structuring the deal.
“It’s potentially a very attractive community, with a host of amenities.”
In addition to a clubhouse with exercise room and billiards area, Mesa Village features a swimming pool, spa, and miniature golf course.
The fixed-rate loan has a term of seven years, 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.
Web site: http://www.beechstcap.com/
Contact: Jenifer Bernardi, jbernardi@beechstcap.com
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