TurnCap recently funded a bridge loan to refinance a manufactured housing portfolio including ten (10) properties and 981 units located throughout CO, ID, MI, MN, PA, RI, TX & WV. The Sponsor acquired the properties throughout 2016/2017, performed substantial capital improvements, and implemented their experienced management and branding expertise to almost double net operating income.
The portfolio is currently 92% occupied, and TurnCap’s loan proceeds will allow the borrower flexibility to reposition or sell some of the assets prior to seeking permanent financing.
The borrower has been able to increase the values of the properties and significantly increase net operating income since acquisition via occupancy gains, rent increases & the implementation of utility billback services.
The subject properties will be cross-collateralized and cross-defaulted amongst each other.
The sponsor is an experienced manufactured housing owner and operators with assets within 30+ states across the United States.