Finance V Michigan

KeyBank closes $16 million loan for Michigan manufactured housing community

KeyBank closes $16 million loan for Michigan manufactured housing community,ph01

KeyBank Real Estate Capital has secured a $16 million Fannie Mae first mortgage loan for The Shores at Anchor Bay, a manufacturing housing community in Fair Haven, Michigan. The 656-pad property was built in two phases in 1969 and 1985.

Timothy Weldon of Key’s Commercial Mortgage Group arranged the adjustable-rate financing with a seven-year term, two-year interest-only period and 30-year amortization schedule. Proceeds of the loan were used to facilitate the acquisition of the property.