Villa St. Marie MHC – Santa Maria, CA

June 19, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $3,315,000 for the refinance of Villa St. Marie MHC. The loan is for a five year term with a 30 year amortization period. The 6.32% fixed rate loan is based on a 78% loan-to-value with debt service coverage of 1.16. Union Capital Investments has financed eleven other loans for the Borrower. Villa St. Marie MHC is an 80-space all-age manufactured housing community located just 1.25 miles from downtown Santa Maria, California. The community was developed in 1972 on 5.13 acres.

Villa St. Marie is in a very strong manufactured housing market. There are 21 MHCs containing 2,549 spaces in the City of Santa Maria, and of the competitive properties in the overall market place representing 497 spaces, vacancies were zero. Manufactured homes in this market provide an affordable housing alternative in the area which has a median home price of $437,000. All but four of the homes at Villa St. Marie are singlewides. Amenities include a laundry facility, playground and RV storage. Rents range from $283.74 to $466.67, and occupancy has been 100% for five consecutive years.