Financing secured for Louisiana mobile home park
JLL Capital Markets secured the acquisition financing Summerwood Mobile Home Park in Lafayette, Louisiana
SAN FRANCISCO, Jan. 17, 2024 – JLL Capital Markets announced today that it has arranged the acquisition financing of the 253-unit Summerwood Mobile Home Park in Lafayette, Louisiana.
JLL worked on behalf of the borrower, Prime Oak Capital, to secure the loan through RRA Capital. Since its inception in 2017, Prime Oak Capital has specialized in the investment of mobile/manufactured communities and currently owns and manages over 11 properties in four different states.
Built in 1970, Summerwood Mobile Home Park boasts 85% occupancy with all but one home being tenant-owned. The owner also plans for a renovation that will infill the existing 36 vacant pads over the next year.
Situated at 3201 Kaliste Saloom Rd., Summerwood is located approximately seven miles from downtown Lafayette. The community benefits from its strong proximity to both New Orleans and Baton Rouge economies as Lafayette is expected to see strong population growth of 1.86% in the next five years, outpacing the U.S. average of 0.5%.
The JLL Capital Markets Debt Advisory team was led by Director Jonah Aelyon, Vice President Sarah Murphy and Analyst Cole Bernabei.
“JLL is excited to have assisted Prime Oak Capital in their first Louisiana acquisition as they expand their footprint to the Southeast,” said Aelyon. “RRA was highly communicative and a great lending partner for a first-time client to both platforms.”
“Summerwood represents Prime Oak Capital’s first investment in the Southeast, which is a market we are looking to expand in. Jonah and his team were very attentive and instrumental in closing our loan on time. RRA, our lender, cooperated with every hurdle presented to them and were fantastic to work with. We look forward to doing many future deals together!” said Harsheel Shah, Managing Partner with Prime Oak Capital.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Prime Oak Capital
Established in 2017, Prime Oak Capital ("Prime Oak") specializes in real estate investments focusing on acquiring and managing manufactured housing communities—an often-overlooked sector. With a dedication to safeguarding investors' capital and generating higher than average yields, Prime Oak capitalizes on market inefficiencies born out of the demand for affordable housing. With a portfolio of over 1,000 pads and nearly $100M invested, our unwavering commitment is centered on serving investors and generating enduring passive income streams. Visit primeoak.com for more information.