The 24-year-old Crosby Mobile Home Park has 60 home spaces and is located at 2929 US Highway 90. Meadowlark Estates at 3001 8th Street in Port Neches has 107 home spaces and was developed in 1979. The properties are approximately 97% leased.
Tucker Knight, associate director with the Houston office of Holliday Fenoglio Fowler LP, arranged the financing for the loan. He tells GlobeSt.com that by cross-collateralizing the two properties with one loan, lenders found the deal more appealing. The two properties were acquired from a private individual from Beaumont, TX, he adds. The buyer is also a private investor from Houston that specializes in mobile home parks.
The five-year loan has a 5.62% fixed interest rate and a 30-year amortization schedule. The deal has an 80% loan-to-cost ratio, says Knight, and was put together in about 45 days.
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