MHC News 02/11/2025
RHP Acquires La Porte Manufactured Housing Community - Connect CRE
RHP Properties has purchased Pecan Plantation, a 226-homesite manufactured housing community in La Porte, Texas. To finance the acquisition, the company secured a $15.3 million loan originated by PGIM Real Estate Finance. Commercial Edge reports the seller was FollettUSA, a manufactured home operator and owner who held the majority ownership interest in the property, and a private seller. The manufactured home community, at 3252 W. Plantation Drive, includes several amenities, including two swimming pools, a clubhouse, a fitness center and a playground area. One of the largest recent MHC deals that included properties in the state was QuadReal Property Group’s $330 million portfolio acquisition of eight communities in key markets across Dallas and Austin, Texas, as well as Salt Lake City and Orlando, Fla.
Mag Mile Capital Secures $8 Million Bank Syndication Financing for Manufactured Home Park in Boardman, OR - GlobeNewsWire
Mag Mile Capital, Inc. (OTCQB: MMCP) has successfully closed an $8 million bank syndication program financing to support the horizontal construction and development of a manufactured home park in Boardman, Oregon. The loan features a 65% loan-to-cost ratio, a five-year term, an initial 18-month interest-only period, and a 25-year amortization schedule. Facilitated by CEO Rushi Shah and SVP Prabhat Jayara, the deal demonstrates Mag Mile Capital’s expertise in delivering innovative financing solutions across diverse commercial real estate asset classes. Shah highlighted the company’s ability to align financing with clients’ investment strategies, enhancing growth potential. Jayara emphasized the unique nature of this transaction, which utilized a non-traditional bank syndication program to secure funding for a non-traditional asset in a non-primary market. Successfully closing on February 3, 2025, this milestone further cements Mag Mile Capital’s reputation for structuring tailored capital stacks for real estate investors nationwide
State announces mobile home community inspection team - Midland Daily News
The Michigan Bureau of Construction Codes has created a dedicated mobile home community inspection team to improve living conditions and ensure compliance with state standards. This new team, which started its inspections in August 2024, aims to support mobile home communities by addressing common concerns such as uncapped sewer pipes, unsecured electrical boxes, and debris. The team works collaboratively with mobile homeowners and managers, offering educational resources and guidance to help ensure safe and compliant parks. The initiative is a positive step towards improving the safety and quality of life for residents, with a focus on transparency, efficiency, and regulatory education. The Bureau's efforts, backed by Director Andrew Brisbo’s “educate before we regulate” philosophy, aim to foster long-term partnerships with Michigan’s mobile home communities. While challenges remain, such as ensuring adequate resources for inspections, the initiative is seen as a significant step forward in enhancing mobile home park standards statewide
Manufactured Housing’s Notable Growth to Continue into the New Year - manufacturedhomes.com
The manufactured housing market is a significant segment of the housing industry, providing affordable and versatile housing solutions for thousands of homebuyers. Despite a slow growth in the site-built housing market, manufactured homes have experienced continued growth, with shipments reaching 103.2 thousand homes through November 2024. These homes are built under controlled conditions and adhere to specific standards and regulations, such as the HUD (Department of Housing and Urban Development Code) in the United States. They are distinct from modular housing, which is factory-built but follows local building codes. Manufactured homes are affordable, costing significantly less than site-built homes, and are often accompanied by technological advancements such as solar panels, smart home technology, and customizable floor plans. Rapid urbanization has led to housing shortages, prompting governments and developers to consider manufactured housing as a viable solution. Younger generations and retirees are embracing manufactured housing for its affordability, flexibility, and sustainable living environment.
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