Northmarq arranges $25.5M sale, Freddie Mac financing for manufactured housing community in Duluth, MN
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DULUTH, Minn. — Northmarq's Baltimore Investment Sales team of Anthony Pino, Ari Azarbarzin, Jamie Grant and Wallace Halpert in collaboration with the Minneapolis Debt + Equity team of Dan Trebil and Logan McCarthy, successfully completed the $25.5 million sale and financing of Vintage Acres, a 300-site manufactured housing community, featuring two apartments and 14 mini-storage units, located at 501 W. Stowe St. in Duluth, Minnesota.
Northmarq represented the seller, GHI Investments. The buyer was Legacy Communities.
“Vintage Acres is one of the highest-quality manufactured home parks in the state,” said Pino. “Following a robust and competitive bidding process, the new owners were attracted by the rare opportunity to attain significant economies of scale in the growing Duluth market.”
Northmarq arranged acquisition financing on behalf of the borrower, Legacy Communities MHP, through a correspondent relationship with Freddie Mac. The transaction was structured on a five-year term as a permanent fixed acquisition loan totaling $14.535 million.
“We surveyed the full market — including banks, debt funds, CMBS and agency lenders — and Freddie Mac offered the best combination of rate, proceeds and execution certainty for this acquisition,” said Trebil.
Built in 1985, Vintage Acres is a 300-site, four-star manufactured housing community spanning 93 acres in Duluth, Minnesota. The property, which is over 97% occupied, features tenant-owned homes, public utilities, and amenities like a playground, clubhouse and mini-storage.
“The property has a long history of providing St. Louis County with highly desirable, affordable housing by being continuously owned and operated by the same families for more than 40 years,” Pino added. “We’re confident that the new owners will build upon the legacy of the previous owners and serve as excellent stewards for the community.”
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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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
