Spanish Ranch Mobile Estates, the manufactured home park, contains 462 pads. The site was built in two phases between 1970-1971. The property features secure, gated access and two clubhouses that include a leasing office, laundry facilities, kitchen, and restrooms. The property also features a swimming pool and Jacuzzi, horseshoe pit, and picnic areas.
PW funded the loan under Fannie Mae's DUS program. The loan has a 5.60 % interest rate, a debt service coverage of 1.30x, and a loan to value of 74%.
Glenwood Gardens Apartments is a 57-unit garden apartment complex consisting of one-, two-, and three-bedroom units in five two-story buildings. The property was built in 1964. Unit amenities include full appliance packages, with dishwashers and garbage disposals. The complex features a gated entrance, swimming pool, leasing office, and laundry facilities.
Vacancy rates in the market are holding at around 5%. The loan has a 6.095% interest rate, a debt service coverage of 1.74x, and a loan to value of 45%.
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