$11.5 million financing arranged by HFF for manufactured home community in the San Francisco Bay Area
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $11.5 million in acquisition financing for Spanish Ranch II, a 187-home site, 100-percent occupied, manufactured home community for seniors (age 55+) in the San Francisco Bay Area community of Hayward, California.
HFF worked on behalf of the borrower, Hometown America, to secure the 10-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.
Spanish Ranch II is situated on 22 acres at 121 Ranchero Way approximately three miles from Interstate 880 and five miles from the San Mateo Bridge, which provides direct access to all major cities in the Bay Area. The community is 18 miles south of downtown Oakland and 26 miles southeast of downtown San Francisco. Spanish Ranch II features a resort-style clubhouse, dining room, library, pool, Jacuzzi, guest parking and all double-wide or larger home sites.
The HFF debt placement team representing the borrower was led by director Zach Koucos.
“Spanish Ranch II is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America. “We were very pleased with the competitive quotes received through HFF’s efforts. This is a clear indication that lenders are bullish on high-quality manufactured housing communities located in desirable markets.”
“The debt markets remain very competitive for high-quality manufactured housing communities like Spanish Ranch II,” Koucos added. “We are grateful to Hometown America for the opportunity to assist them in financing such an excellent acquisition.”
About Hometown America
Founded in 1997, Hometown America is a privately held company that owns and operates manufactured housing communities across the country. Today, the company operates more than 51 communities in 10 states. Learn more at www.hometownamerica.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.