Grandbridge closes $8 million loan for manufactured-housing community in Milwaukee
September 20, 2010 | Staff Writer | Print Article | Email this Article
Ferrand Estates
Grandbridge Real Estate Capital‘s Milwaukee office originated and closed an $8.15 million 10-year fixed-rate loan secured by Ferrand Estates, a 420-site manufactured home community located in Wyoming, Mich., located southwest of Grand Rapids. Funding for the transaction was provided by AIG Asset Management.
Grandbridge senior vice president Jim Cope arranged the financing on behalf of Hometown America, Inc. With a portfolio in excess of 54,000 home sites, Chicago-based Hometown America, Inc., is one of the largest manufactured home community operators in the country.
“Right now, it can be challenging to finance certain transactions in Michigan, but AIG was willing to work with the borrower and us to understand the market and focus on the borrower’s strong sponsorship and the stable history of the asset,” said Cope.
Ferrand Estates consists of single- and double-wide manufactured homes sited on 61 acres. It features on-site management. Its two clubhouses offer residents a community pool, spa, playground, RV parking and storage, as well as access to nearby community biking and hiking trails.
Tags | financing, Grandbridge Real Estate Capital, Milwaukee, Wisconsin
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