Quantum Capital Partners Secures $12.5 Million for Acquisition of Three Florida Mobile Home Parks

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Manufactured Housing
Mobile Home Park
Fannie Mae
1031 Exchange

Real Estate

Beverly Hills - California - US

BEVERLY HILLS, Calif. - June 5, 2014 - PRLog -- Mortgage banking firm Quantum Capital Partners has arranged for an Orange County, CA-based limited liability corporation,  $12.47 million in CMBS financing for the acquisition of three Florida mobile home parks as part of a 1031 exchange.

Acquired in separate transactions from three different sellers, Quantum was tasked with securing and closing the financing on the last two acquisitions in 35 days for the sponsor to successfully complete the 1031 Exchange, according to Quantum Managing Director Mike Yim.    The financing comprised three individual loans originated by a New York-based commercial mortgage finance company.  The loans were secured by Carlyn Estates in Palmetto, Meadowbrook Mobile Home Park in Lakeland, and Cala Springs Village in Ocala, FL.  Collectively, the communities total 491 pad sites.

Despite interest from local lenders and Fannie Mae, the CMBS lender offered the most favorable terms -- 10-year, fixed-rate financing with 30-year amortization, according to Yim who arranged the financing.

“In addition to working with a very short time frame, we had to address several significant lender concerns including substantial deferred maintenance on one of the properties and the borrower’s limited experience with this product type,” said Yim.   “We were able to mitigate those concerns and funded the loan in time to meet the tight 1031 Exchange deadline.

About Quantum Capital Partners

Quantum Capital Partners (www.quantumcp.com) is a leading mortgage banking firm that provides comprehensive real estate finance and advisory services across all major asset classes. With more than $3 billion of debt and equity financing experience nationwide, Quantum’s principals have developed a diverse network of capital providers that allows their clients to benefit from customized financing structures that encompass the entire capital stack. Quantum's comprehensive knowledge of the capital markets enables them to deliver expert advice for complex real estate transactions.

Bruce Beck
Source:Quantum Capital Partners
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