The 196-lot park at 1450 W. Kaibab Lane is 96% leased. Built in 1990 by Westglen Mobile Home Community LP, the average rent is $320 per month.
Damon Reed, a VP with GMAC Commercial Mortgage Corp.'s Birmingham, AL office, says the refinance package has a seven-year term and a 5.23% fixed-rate interest. He tells GlobeSt.com that it's replacing a Fannie Mae DUS ARM loan with a higher rate. He and Tom Houlihan of Phoenix-based Sterling Financial Mortgage and Investments Inc. arranged the financing.
"We saved the borrower 40 basis points in spread versus converting the existing Fannie Mae DUS ARM loan," Reed says. The transaction was channeled through a special Fannie Mae program to get additional savings. Borrower of record, Westglen Mobile Home Community LLP, also is eligible for additional financing through Fannie Mae's supplemental loan program, he says.
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