Gantry has secured a $14-million permanent loan for a 260-site manufactured housing community located in Fresno. Principal Patrick Barkley, senior associate Chad Metzger and associate Andrew Christopherson,represented the borrower, a private real estate investor.
The five-year, non-recourse, fixed-rate loan was secured from one of Gantry’s insurance correspondents with full-term interest only. Gantry will service the loan for the lender.
Barkely said, “Gantry’s roster of insurance company lenders has a strong appetite for manufactured housing financing and are winning these types of financing opportunities with maximum loan proceeds, prepayment flexibility and attractive interest rates. Unlike agency loans that can require additional operating restrictions or banks that often price at a wider spread with recourse terms, insurance companies have simplified the process. They essentially rely on sponsor experience, historic performance, residual land value, and debt service coverage to comfortably underwrite fixed-rate loans that can include full-term interest-only.”
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