LOS ANGELES (June 21, 2016) – Dan McCarthy, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office, arranged the $19,525,000 million refinance of two mobile home parks in Chula Vista, California:
• Chula Vista Mobile Home Park—a 168-unit mobile home park property located in 345 C Street, Chula Vista, California 91910
• Terry’s Mobile Home Park—a 197-unit mobile home park property located in 677 G Street, Chula Vista, California 91910.
The transaction was structured with a 10-year term with 10-years interest only. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae.
“The borrower’s main focus was to preserve his cash flow from the assets. Fannie Mae was the only lender willing to provide this amount of leverage for a full term 10-year interest-only loan with an exceptional rate in the low three percent range,” said McCarthy.