Wagon Wheel MHC – Mesquite, TX

June 13, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $4,250,000 for the acquisition of Wagon Wheel MHC. The loan is for a ten year term with a 30 year amortization period. The 5.84% fixed rate loan is based on an 80% loan-to-value and 85% loan-to-cost with debt service coverage of 1.27. $100,000 was held back at closing for planned property improvements. The Borrower owns 353 apartment units, 13,000 SF of commercial space, and interests in four manufactured housing communities totaling 921 sites.

Wagon Wheel MHC is a 225-space, 2.5-star, all-age manufactured housing community located in Mesquite, Texas, 14 miles southeast of the Dallas CBD. The community is on 29.95 acres, providing for a density of 7.5 units per acre. There are 208 single-section homes which rent for $270, 5 double-section homes which rent for $290, and 12 RV sites which rent for $270. Amenities include pool and laundry. Some of the homes have carports and/or screened enclosures. All units have off-street paved parking for two cars. Wagon Wheel has a long history of high occupancy with very little turnover.