$15M refinancing secured for two West Coast mobile home communities
JLL Capital Markets secured two loans for the 104-pad Orchard Lane in Happy Valley, Oregon and the 81-pad Ukiah Country Manor in Ukiah, California
SAN FRANCISCO, Dec. 20, 2022 – JLL Capital Markets announced today that it has secured refinancing for two of Three Pillar Communities’ West Coast mobile home communities. This includes the $9 million refinancing of the 104-pad Orchard Lane in Happy Valley, Oregon, and the $6 million refinancing of the 81-pad Ukiah Country Manor in Ukiah, California.
Both properties provide critically needed affordable housing, with monthly rents that are a fraction of the cost of local apartment rents.
Orchard Lane was built in 1959 and features 104 manufactured homes. Community amenities include on-site management, laundry, boat and RV storage and a community green space. Situated at 8525 SE Orchard Ln., the property is within easy walking distance of schools, grocery stores, restaurants and medical services.
Built in 1973, Ukiah Country Manor features 81 manufactured homes and offers amenities, including a swimming pool and community center. Located at 3900 North State St., Ukiah Country Manor is proximate to public transportation and Redwood Highway, as well as downtown Ukiah, Mendocino College, Yokayo Shopping Center and Ukiah Municipal Airport.
The JLL Capital Markets Debt Advisory team was led by Director Jonah Aelyon and Analyst Nick Rango.
“This marks JLL and Three Pillar Communities’ first transaction together, and we could not be more pleased to be delivering a positive outcome,” said Aelyon. “These refinances are a testament to their operational expertise and ability to drive value for their investors, all while providing affordable housing options for their residents.”
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 and sales 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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Three Pillar Communities
Three Pillar Communities is a vertically integrated owner of mobile home parks and manufactured housing communities in the United States, with 90 employees operating 60 communities in 11 states. Co-founded by Daniel Weisfield and Yoel Kelman, the company has a two-part mission: to deliver high-quality housing to residents and stable returns to investors.