BELLINGHAM, WA—Beech Street Capital has closed an $8.0 million Fannie Mae loan to refinance Lakeway Mobile Estates, a 218-unit age-restricted manufactured housing community here.
Damon Reed, senior vice president and director of Beech Street's manufactured home community (MHC) finance division, originated the deal. He originally financed the property when the principals purchased it in 2004. The principals have over 30 years of combined real estate experience. This deal marks their 16th transaction with Beech Street.
The close relationship with Beech Street and the sponsor proved important when the title search revealed a small discrepancy in the legal description of the property. Beech Street felt comfortable enough to proceed to closing before it was fully resolved.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
