Mobile Gardens MHC – Mission, TX

April 20, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $2,730,000 for the refinance of Mobile Gardens MHC. The loan is for a seven year term with interest only payments for the first three years, followed by a thirty year amortization schedule for the term of the loan. The 5.68% fixed rate loan is based on an 80% loan-to-value with debt service coverage of 1.26. Union Capital has financed over $65 million in loans for the Borrower over the past five years.

Mobile Gardens MHC is located in a strong MHC market in Mission, Texas. There are 4,903 manufactured housing units within a three-mile radius of Mobile Gardens, representing 22.4% of housing stock. Occupancy at the communities is strong. Mobile Gardens is a 3-star park with 188 spaces on 20 acres with paved parking for two cars at each site. Originally built in the 1970’s, the property is currently 100% occupied with the exception of 8 seasonal rental units, one seasonal duplex unit and 2 seasonal RV sites. Rents are $215 per month for single-wide spaces and $255 for double-wide spaces. Amenities include a clubhouse, laundry, heated pool, shuffleboard and horseshoes.