Mobile home park in San Jose, California receives $4.1 million refinance from NorthMarq Capital’s San Francisco office
Mobile Home Park
SAN FRANCISCO (November 16, 2015) – Dennis Williams, senior vice president and managing director of NorthMarq Capital’s San Francisco office completed the $4.1 million refinance of La Buona Vita, a 107-pad, senior living, mobile home community located at 455 North Capitol Avenue in San Jose, California. The transaction was structured with a 15-year term and 30-year amortization schedule. NorthMarq Capital arranged financing for the borrower through its correspondent relationship with a life insurance company. This well-maintained four-star community sits on 14 acres and features a clubhouse, billiards room, community pool, and RV parking spaces. The property provides senior residents of 55 and older an affordable alternative within one of the most expensive markets in the country. The sponsor has continuously owned and operated La Buona Vita since developing the site back in 1977. “The life company lender worked with a repeat borrower to refinance this San Jose mobile home park,” stated Williams.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
