|
|
PIONEER
PINES MOBILEHOME PARK PURCHASED FOR
REHABILITATION AND UPGRADING
The
Associates Group for Affordable Housing, Inc. (TAG), San Clemente, CA announced the purchase in November
2002 of Pioneer Pines Mobilehome Park, 6601 Eucalyptus Drive, Bakersfield, Ca,
for $5.75 million. TAG, formed in
1988, is a California non-profit corporation providing persons and families of
low and moderate income with affordable housing.
TAG was granted a 501(c)(3) exemption by the Internal Revenue Service and
has as its current purpose the acquisition, rehabilitation, operation and
ownership of manufactured home parks.
Pioneer Pines was originally constructed as a 352-site park during the
1970s. The project has a clubhouse with an office, social room with
kitchen, and two multipurpose rooms, a pool with spa, and a 35 space RV storage
area. The park is currently 65%
occupied and an extensive program of rehabilitation and upgrades is planned.
After completion of the rehab program, the project will consist of 337
mobilehome spaces.
The rehab program, budgeted at $1.75 million, includes renovation of the
existing buildings, repaving the RV storage area, replacing the existing
perimeter walls and fences with new walls and a prefabricated sound wall to
minimize railroad noise, repairing of the sewer, water and electrical services,
replacing of the curbs, gutters, and sidewalks as needed, installation of street
lighting, landscaping throughout the park, and the addition of new electric
security gates to both entrances. Fifteen
mobilehome spaces will be removed and landscaped to reduce crowding and avoid
flood plain issues. The remodeled
clubhouse will house two kitchens, a billiards room, a gym, two saunas and four
restrooms. Children's play areas
will also be renovated.
The financing for the project was provided by Red Mortgage Capital, Inc.,
Columbus, Ohio using the FHA Mobilehome Park Financing Program.
The FHA mortgage insurance provided "AAA" credit enhancement
for the issuance of $7.83 million in Multifamily Housing Revenue Bonds by the
Kern County Housing Authority. The
Bonds were underwritten by Red Capital Markets, Inc.
Use of this program resulted in a 40-year, fixed rate, fully amortizing
financing.
PMC Financial Service, Hillsborough, CA acted as advisor to TAG and Red
Mortgage Capital. Contact Deane Sargent for additional information.
PMC
FINANCIAL SERVICES 2365
Skyfarm Drive Hillsborough,
CA 94010 (650)
375-8043 (650)
375-8132 fax www.pmcfinancialservices.com dsarg7344@aol.com |
|
Contact PMC Financial Services2365 Skyfarm Drive, Hillsborough, California 94010-6341---Phone: 650-375-8043---Fax: 650-375-8132---Email: Dsarg7344@aol.com
|
