Blueberry Ridge MHC – Wells, ME

April 4, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $1,375,000 for the refinance of Blueberry Ridge MHC. The loan is for a five year term with a 30 year amortization period. The 6.20% fixed rate loan is based on a 77% loan-to-value with debt service coverage of 1.30. The Borrower, a repeat Union Capital client, has owned the park for over 15 years and has kept it in good condition, implemented annual rent increases, and maintained occupancy between 95% and 100%.

Blueberry Ridge MHC, located in Wells, Maine, is a 3-star park with 53 spaces, located on 110 acres, providing a density of 1.2 units per acre. 96% of the homes are double-wides, and every space has off-street parking for two vehicles. Rents at the property are $290 per month and occupancy is 100%. The site is zoned for 97 sites, providing future upside potential.