PHOENIX—Capital One Multifamily Finance closed a Fannie Mae fixed loan totaling $5.5 million for the acquisition of Peoria Mobile Estates, a 125-pad manufactured housing community for seniors in Peoria. Damon Reed, senior vice president and director of Capital One Multifamily's manufactured home community finance division, originated the deal. The borrower, an affiliate of Saunders and Amos, LLC, is a repeat customer, with more than 25 years experience acquiring, managing, and developing manufactured housing communities. It owns seven MHCs with 947 spaces.

Built in 1979, Peoria Mobile Estates is a 4+ rated park with such competitive amenities as a clubhouse, pool, spa, tennis courts, RV storage, and shuffleboard. Its homes vary in age from the 1970s to 2000. The neighborhood is primarily residential and the property is within walking distance of shopping.

The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, and two years of interest-only payments, followed by 30 years of amortization, payable on an actual/360 basis.