TurnCap recently funded a bridge loan to finance the acquisition of a 400+ pad manufactured housing community in Iowa (“Subject”). The Subject has historically maintained strong occupancy rates above 95% and was 98% occupied at closing. The Sponsor plans to utilize their expertise in manufactured housing management over the next couple of years to improve operational efficiencies and implement their utility reimbursement program prior to seeking permanent financing.
Broad Investment Thesis
The Borrower has other manufactured housing assets within the area and wanted to grow their portfolio in the Midwest. TurnCap is confident in the Sponsor’s ability to operate the property more efficiently from an income and expense standpoint and are estimating it will take two to three years to fully implement their strategies.
The Sponsor is an expert in Manufactured Housing
The Sponsor is a large Manufactured Housing operator with over 40 years of experience spanning multiple states and tens of thousands of sites.