Wells Fargo has provided $82 million to a joint venture between Federal Capital Partners and Horizon Land Company for the refinancing of 21 manufactured home communities, Commercial Observer has learned.
The floating-rate, nonrecourse financing has a term of three years, plus extension options.
“Lending for manufactured home communities is an important focus for Wells Fargo Commercial Real Estate,” said Lew Grace, an executive vice president in Wells Fargo’s commercial real estate group. “We are excited to work with longstanding customer, Federal Capital Partners, and their operating partner and new customer Horizon Land Company on this portion of their large and growing portfolio of communities.”
The properties are located in Pennsylvania, North Carolina, South Carolina, Delaware, Maryland and New Jersey and comprise 3,178 home sites. The portfolio is more than 90 percent occupied and includes the Tilton Terrace community in Egg Harbor, N.J. (228 home sites), Delsea Woods in Vineland, N.J. (131 homes sites) and Dorchester Village in Charleston, S.C. (312 home sites).
“As a result of the strong growth of our business and value creation in these properties, Horizon is pleased to have established a new relationship with Wells Fargo, a key capital provider of our partner, Federal Capital Partners, and work with them on this transaction,” said Drew Odabashian, Horizon’s chief investment officer.