Sierra View MHC – Phelan, CA

February 28, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $1,750,000 for the refinance of Sierra View MHC. The loan is for a ten year term with a thirty year amortization schedule. The 5.84% fixed rate loan is based on a 66% loan-to-value with debt service coverage of 1.30. Union Capital has financed other loans for the repeat Borrower, who has significant experience in investment real estate.

Sierra View MHC is a 55-space, seniors-oriented, 3.5-star manufactured housing community in Phelan, California. Density is five units per acre. All of the homesites are multi-section sites with attractive mature landscaping and paved off-street parking. Most of the homes are multi-section and most have covered parking. The homes are contemporary and in excellent condition. Amenities at the community include an indoor pool, spa, clubhouse and laundry. Occupancy is 100%, and has been at this level since 2003.

There are many retirement communities in this region because this area is less costly than other parts of Southern California and has an abundance of recreational amenities, including ski resorts throughout the San Gabriel Mountains and the San Bernadino National Forest, golfing, fishing and water sports.