The Scottsdale-based investor, Keith Vanderhout, is a long-term customer of both financial institutions, says Chad Hagwood, a vice president with the Stamford, CT-based GMAC Commercial. "Keith a very well respected owner in the Valley," he adds.
Hagwood tells GlobeSt.com that Vanderhout received a fixed-rate, non-recourse loan for 80% of the total acquisition cost. The 10-year loan offers a rate of 5.6% with 30-year amortization. "We looked at a number of options with different lending positions internally and externally," Hagwood says. "At the end of the day there was a certainty of execution with GMAC and LaSalle Bank because of the existing relationship.
Tiki Tai Village Mobile Home Park is an all-age manufactured home community located 5745 W. Maryland Ave. The property, built in the 1970s, has of 82 sites, which are 94% leased.
"Tiki Tai is a nice quality property," Hagwood says. "It's 3.5-star community with slightly below market rents." Mobile home sites in the community rent for about $260 per month, and the market rate is closer to $300 per site, he notes. "There is definitely someupside for the borrower," he says. Tom Houlihan, mortgage broker of Phoenix-based Sterling Financial Mortgage, assisted GMAC Commercial with the transaction.
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