Victoria Farms Mobile Home Comm.
Lake Havasu City, AZ
February 1, 2024
Funding Covers Construction of Tenant Improvements and Project Soft Costs; Gantry’s Loan Producers Experienced Underwriting MHP Loans with Firm’s Life Company Correspondents
Lake Havasu City, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $13 million loan for the construction of Victoria Farms, a to-be-built 305-pad mobile home park (MHP) community in Lake Havasu City, one of the southwest’s premier resort and retirement destinations. The loan covers the soft costs and tenant improvement construction budgets for the property, including building of a resort-style pool, clubhouse, dog walks, pickleball courts, game rooms, walking trails, and other amenities.
Gantry’s Tony Kaufmann, Principal, and Andrew Ferguson, Associate, with the firm’s San Francisco production office secured the loan on behalf of the borrower, a private real estate entity. The fixed rate bridge loan was secured through one of Gantry’s correspondent life company lenders and is fixed for three years.
According to Gantry’s Tony Kaufmann, “Mobile Home Parks are a unique asset type that require a distinct approach to underwriting for successful financing outcomes. Gantry has worked for decades with our life company correspondents to underwrite their loans to this asst class, which almost always offer superior rates and terms to other capital sources. In this loan, a highly qualified sponsor with a substantial equity commitment to the heavy infrastructure development allowed us to secure a fixed rate loan to augment their budget and deliver a truly class A project.”