Midwest Investor Takes Out $108M Loan for Apts., Manufactured Housing
BIRMINGHAM, MI—Locally based Q10|Lutz Financial Services has secured $108 million in financing for a portfolio of 47 manufactured housing properties and three apartments in Wisconsin, Minnesota, Michigan, Ohio and Maryland. The unnamed, Midwest-based private investor gained $99 million for the manufactured housing sites and $9 million for the multifamily properties. Adam Lutz, managing principal at Q10|Lutz, said the borrower was able to refinance a conduit loan that encumbered all of its assets in one cross-collateralized, cross defaulted pool. The terms of the manufactured housing property pools were 75 percent loan to value, 10-year, non-recourse loans with 30-year amortization schedules at an interest rate of 4.4 percent.