NorthMarq’s Boise office secures $4.29 million refinance of Cameo Estates MHC & Rock Creek Mobile Manor in Twin Falls, Idaho

BOISE, IDAHO (December 1, 2020) – NorthMarq arranged the $4.29 million refinance of Cameo Estates MHC & Rock Creek Mobile Manor. The manufactured housing communities are located at 281 Caswell Avenue West & 350 Grandview Drive North in Twin Falls, Idaho. The transaction was structured with a 10-year loan term on a 30-year amortization schedule with 5-years of interest only. NorthMarq arranged the fixed-rate loan for the borrower through its relationship as a Freddie Mac lender.

“Freddie Mac significantly beat out the competition by offering a very competitive rate and loan proceeds on this cash-out refinance,” said Steve Hollister, senior vice president of NorthMarq's Boise office. “The five years of interest only was also attractive to the borrower. The affordable nature of these manufactured housing communities was a good fit for Freddie Mac's mission of providing affordable housing.” 

Cameo Estates is a 138-pad MHC with two apartments and two single-family homes situated on a 20-acre site. The community was built in the 1970's and acquired by the borrower in 2013. There are 23 pads reserved for residents age 55 and older. Rock Creek Mobile Manor is a 60 pad MHC with two single family homes situated on a 10.7 acre site. The park was developed in 1962 and acquired by the borrower in 2013. 

At the time of loan funding, Cameo Estates MHC was 100 percent occupied and Rock Creek was 92 percent occupied. Both assets have experienced strong collections during 2020.