Santa Maria Mobile Home Park

Transaction description

Michael Tanner and Tony Messiah of PSRS arranged the $18.1 million refinance of a mobile home park community in Santa Maria, California. The subject property is a 39.14-acre mobile home park built in 1973 with a current occupancy rate of 99.57%. The community contains 250 pads and mobile homes. Upon acquisition, the borrower will have full ownership of 236 pads on a leasehold collecting pad rent with the remaining 14 lots already owned by outside parties. Financed with life insurance execution, PSRS provided its borrower with a non-recourse loan, with a 5-year term and 30-year amortization.