Riverside Meadows Mobile Home Park
$19,000,000 Mobile Home Park Loan from Agency
Michael Tanner and Jonny Soleimani of the PSRS LA office arranged the $19 million refinance of a mobile home park in Riverside, CA. The subject property, Riverside Meadows, is a 358-unit mobile home park situated among the 15, 60, and 215 freeways which feature mostly double-wide lots and a sizeable array of amenities. The loan provided was non-recourse with a term of 10 years and a 30-year amortization schedule.
Carried out with agency execution, this was a low-leverage deal in which several competitive lenders dropped out of the running to refinance this property due to the new restrictions brought upon by Covid-19. Despite these restrictions, PSRS was able to secure a closing interest rate, 2.54%, close to a full percentage point lower than where it was quoted prior to the pandemic and subsequent restrictions.