Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $28.25 million permanent loan to refinance a portfolio of five manufactured housing communities located in Arizona, California and Iowa. The fully stabilized assets offer a total of 687 pads across properties in Sierra Vista and Casa Grande, Ariz., Hemet and San Bernardino, Calif., and Atlantic, Iowa.

Gantry’s Patrick Barkley, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed rate loan was provided by an institutional balance sheet lender and features full-term interest only. Gantry will service the loan.

According to Gantry’s Patrick Barkley, “Investors with ready capital are positioned to take advantage of new investment opportunities trading at a discount in the current cycle. Gantry specializes in working with borrowers to unlock the trapped equity stored in their high performing assets with a thorough portfolio review to identify unutilized resources. Manufactured housing continues to enjoy strong performance, and this portfolio of legacy assets had appreciated significantly in value. Recognizing this, our client tasked us with releasing their developed equity for redeployment into new asset purchases. After a full survey of options, we identified a trusted institutional balance lender offering both terms and proceeds aligned with meeting our client’s long-term investment plans.”