Amarillo Estates MHC– Amarillo, TX

August 2 , 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $3,600,000 for the refinance of Amarillo Estates MHC. The loan is for a ten year term with a 30 year amortization period. The 6.54% fixed rate loan is based on a 73% loan-to-value with debt service coverage of 1.29. The Borrower has nearly forty years experience investing in real estate, is very familiar with the local market, and owns three manufactured housing communities, two office buildings, numerous rental residences and vacant land.

The Borrower purchased Amarillo Estates in 1997. Upon acquisition less than 100 of the 250 pads were occupied and rents were less than $100 per pad per month. The Borrower invested over $250,000 on upgrades throughout the community and also runs an active home sales program renovating, selling and financing homes within the park. Land area is 54.03, and at closing, occupancy was 78.9% and monthly rents averaged $203 per pad. Amenities include a clubhouse and leasing office, laundry facilities, a storage lot, and a daycare center.