Over $118M in CA manufactured home financings closed by JLL
Seven transactions close in the last 7 months, illustrating the growing investment and lender interest in the manufactured housing sector
SAN DIEGO, October 22, 2020 – JLL Capital Markets announced today that it has arranged more than $118 million in financing in separate transactions for seven manufactured home communities totaling 1,038 home sites in Southern California.
JLL worked on behalf of various operators to secure fixed-rate financing through various lenders, including Fannie Mae, Freddie Mac, life insurance companies and a regional credit union.
Additional property and loan details are below:
- Pacific Sunset and Western Skies, Anaheim – $24.4 million total, long-term, non-recourse life insurance company loans
- Tumbling Waters, Covina - $9.96 million, 30-year, fully amortizing Fannie Mae loan
- Confidential Inland Empire all-age community - $57.2 million, 2.35% fixed-rate, 10-year, full term interest-only Fannie Mae loan
- Beachwood Park, Dana Point - $13.5 million, 10-year fixed-rate at 2.4%, Fannie Mae, five years interest-only
- Stardust MHC, Ventura - $7.24 million, 2.74% fixed-rate, 10-year, non-recourse Freddie Mac loan
- El Capitan MHC, El Cajon - $6.38 million, seven-year regional credit union financing, three years interest-only
The JLL Capital Markets team representing the various borrowers on all seven transactions was led by Managing Director Zach Koucos.
“We continue to see lender and borrower appetite for the manufactured housing space increase as the sector has seen strong occupancy growth and rent growth stability,” Koucos said. “Our recently released Manufactured Housing Trends Report addresses this trend and examines the industry’s resiliency through the pandemic with notably positive trends when compared to other asset classes within commercial real estate.”
[3:47 PM] Murphy, Kristen
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.