Newmark, the largest independent commercial mortgage banking firm in the western U.S., has secured $57.55 million in new long-term financing for two separate manufactured home communities in Apache Junction, Arizona. Patrick Barkley, Principal, and Chad Metzger, Associate Vice President, worked with the borrower in arranging non-recourse financing with two of Newmark’s agency relationships. Pricing and other terms were not disclosed.
“High quality manufactured home and park model communities have proven year in and year out to be one of the premiere property types in any economic cycle,” says Patrick Barkley, Principal. “Our lenders aggressively pursued these loan opportunities and closed ahead of schedule.”
Transaction Details:
- $36.66 million in permanent financing secured for a 400+ pad, 55 and older, 5-star manufactured home community located on approximately 72 acres.
- $20.89 million loan for the acquisition of the 55 and older, 730-space RV park model resort located on approximately 42 acres in Apache Junction.
Newmark, a privately held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $10 billion represents over 1,200 loans located in 40 states. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.
