Capri MHC – Fontana, CA

May 31, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $4,236,100 for the refinance of Capri MHC. The loan is for a five year term with a 30 year amortization period. The 6.23% fixed rate loan is based on a 67% loan-to-value with debt service coverage of 1.21. Union Capital Investments has financed ten other loans for the Borrower, who has owned this MHC for ten years.

Capri MHC is a 97-space, 3-star, all-age manufactured housing community located in Fontana, California, just one-quarter of one mile from the main commercial strip in Fontana. The subject improvements were constructed in 1972 on 11.29 acres and most of the homes are double wides. Common area amenities include a clubhouse containing a leasing/management office, meeting room, billiards room, kitchen, restroom and laundry room; outdoor swimming pool; two shuffleboard courts; picnic area with a cabana and RV storage. Rents average $410 per month and the community is 100% occupied. The MHC market in this area is extremely strong: Of the competitive properties in the overall market place, representing 732 spaces, there were no vacancies.