Capital One provided a $10.6 million loan to refinance the Midlands Village Mobile Home Park, a 313-space manufactured home community in Clifton.
Capital One provided financing through the Federal National Mortgage Association fixed-rate loan. Proceeds from the loan allowed the recipient to retire higher-rate debt as well as a second loan on the second phase of the property. The financing also will allow the recipient to purchase contiguous property for a third phase, Capital One announced.
“By encouraging the sponsor to rate lock early, we were able not only to consolidate his debt, but also to lower his rate by over 150 basis points. Combining these terms with one year of interest-only payments places the sponsor in a good position to move forward with the third phase of the community,” said Damon Reed, a senior vice president with Capital One who originated the transaction.
Capital One provides a range of financing products and services. For more information, visit www.capitalone.com.