Greystone Provides $8 Million Fannie Mae DUS Loan to Refinance Manufactured Seniors Housing Community in Hemet, California
August 7, 2019
Category: Fannie Mae, Seniors Housing
Greystone has provided an $8,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 30-acre manufactured housing property in Hemet, California. The transaction was originated by Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC.
The $8,000,000 Fannie Mae loan carries a 10-year term with a 30-year amortization period at a low, fixed rate, with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize their existing equity in the property.
Situated on 30.66 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates is an age-restricted manufactured housing community offering 267 single- and double-wide pads. Residents have access to two community clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. The property is close to the cities of San Jacinto, Lakeview, Riverside and San Bernardino, and is 85 miles from Los Angeles.
“The Greystone team combines equal parts tenacity and creativity to deliver every client a best-in-class experience, every time,” said Mr. Stevens. “This property has been a staple in our client’s portfolio since the 1970s; securing the right financing meant we were helping them monetize four decades of ownership for their future plans, which is certainly rewarding.”