Greystone, a real estate lending, investment and advisory company, today announced it has provided a $47,385,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the refinance of Lakeview Village in Citrus Heights, CA. The loan was originated by Tim Thompson of Greystone’s San Francisco office with Bob Mallett of Marcus & Millichap as a correspondent on the transaction.
The Fannie Mae financing for Lakeview Village includes a 10-year term with 30-year amortization. The asset is a 531-pad mobile home park in the Sacramento area. Developed in 1977, the mobile home park is a 5-star age-restricted community spread across a 131-acre wooded site. The property’s amenities include a recreation center with assembly room, service kitchen, dining/multi-purpose room, billiards room, fitness center, library, heated pool, spa, lake, and green spaces for residents’ enjoyment.
“This long-term financing enabled the owner to take advantage of attractive terms from Fannie Mae and receive cash out for future improvements and investments,” said Mr. Thompson, Director, Greystone. “We welcome a challenge to meet and exceed our clients’ goals, and this transaction proved to be an exciting and successful deal.”