Transaction Overview
George Smith Partners successfully arranged a $5,145,000 bridge loan for the refinance of two manufactured housing and RV communities totaling 192 sites located in the Missouri market.
The Sponsor's existing portfolio loan cross-collateralized three properties, with one under contract for sale. A release restriction on the existing loan surfaced late in the Sponsor's sale process, leaving the Sponsor little runway to find a solution before the third property's closing deadline. GSP moved quickly to source a lender, negotiate terms, and close a full refinance of the portfolio loan, with the Sponsor rolling in the sale proceeds of the third property as equity into the payoff, all inside of two weeks from engagement to funding. The facility also built in a future funding reserve for additional park-owned manufactured homes, asphalt and site improvements, and an operating reserve. The lender was drawn to the properties' stable, growing NOI and the Sponsor's long operating history at the properties.
