PMM Mobile Home Park LP, the Scottsdale-based owner of the 14.5-acre Pacific Mobile Manor Manufactured Home Community at 10220 E. Apache Trail Rd. in Apache Junction, used the new capital to retire a loan with an 8.75% fixed-rate interest and pull out some equity, says Damon B. Reed, a vice president in GMAC Capital Corp.'s Birmingham, AL office. The 10-year, floating rate loan, funded through Fannie Mae's DUS program, kicks in at a 4.6% interest rate and is capped at 7.56%, according to Reed. He says the rate, set at 184 points over the 30-day Libor, adjusts monthly. The financing has one year without a prepayment penalty with the balance of the term riding at a 1% fee, Reed says, adding the borrower can convert to a fixed-rate loan in the second year.

Reed teamed with Tom Houlihan of Phoenix-based Sterling Financial Mortgage & Investments Inc. to package the loan for the four-star, age-restricted development. The property is 99% occupied.