|
|
Non Profit Owned Park in Southern California
Not For Profit Corporation Refinances and Rehabilitates Mobile Home Park
The California Mobilehome Park Corporation (CMHPC),
a California 501(c) 3 nonprofit public benefit corporation affiliated with the
City of San Bernardino, California, has completed the initial refinancing of two
of the eight parks owned by CMHPC. Using
the FHA 207m financing program combined with tax-exempt bonds, SBMHPC refinanced
both Sequoia Plaza and Rancho Meridian. The
remaining parks will be refinanced later this year. Sequoia Plaza, a 242-site 86% occupied family park, paid off
existing non-rated tax exempt debt, repaid a portion of the city funds advanced
to purchase the property in 1995, set aside additional funds to rehab the parks,
and contributed to a bond reserve fund. The
$7.55 million mortgage ($31,200 per site) was funded by tax-exempt bonds rated
"Aaa" by Moody's. Rancho Meridian, a 143-site 97% occupied family park,
accomplished a refinancing similar to Sequoia Plaza. The $5.01 million mortgage ($35,100 per site) was also funded
with "Aaa" bonds. The FHA 207m program provided a mortgage
guarantee for each project supporting a 40-year, fixed rate, fully amortizing,
nonrecourse first mortgage loan. The
loans will stabilize rents and provide funds to complete the upgrades of the
properties. Both parks are subject
to the City of San Bernardino rent control ordinance. The project team consisted of HUD officials, the FHA
lender, the investment banker and various financial consultants and attorneys.
PMC Financial Services provided the initial evaluation of the
projects, performed the initial underwriting, introduced the lender to the
transactions and acted as consultant to the lender.
For additional information, contact Deane Sargent
650-375-8043 or dsarg7344@aol.com.
For More Information Contact: |
|
Contact PMC Financial Services2365 Skyfarm Drive, Hillsborough, California 94010-6341---Phone: 650-375-8043---Fax: 650-375-8132---Email: Dsarg7344@aol.com
|
