RV Ranch at Grand Junction RV Park – Clifton, CO

June 20, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $3,500,000 for the refinance of RV Ranch at Grand Junction RV Park. The loan is for a ten year term with a 30 year amortization period. Payments for the first five years are interest only. The 5.93% fixed rate loan is based on a 64% loan-to-value with debt service coverage of 1.33. A Seasonal Reserve was held back at closing to ensure sufficient debt service coverage year-round. Union Capital has previously funded loans for the Borrower, who has been investing in manufactured housing communities and RV parks since 1981 and currently owns six MHCs and RV parks, three office buildings and a shopping center.

RV Ranch at Grand Junction RV Park is a 148-space RV park located in Clifton, Colorado, on 10.66 acres. The Borrower acquired RV Ranch at Grand Junction nearly three years ago and has spent over $40,000 in capital improvements. The park is rated 10/10/9 by Trailer Life, making it Colorado’s highest rated park, and 5 W by Woodall’s. The park is well located within a major commercial area, just off the I-70 Loop, and within close proximity to the area’s outdoor recreational attractions. Amenities include an office and store which house the laundry room and manager’s apartment; a one-story log cabin structure which houses a fitness center, library, full bath, kitchen, and has an internet connection; a showers/restroom building; a patio café; nine 1 room cabins; a swimming pool; hot tub; playground; shuffleboard; horseshoes; propane sales station; and dump station.

Tom Houlihan of Sterling Financial was the broker for this transaction.