Industry Happenings

Transactions NCCER Partners with Procore Technologies for Workforce Development

The National Center for Construction Education and Research will partner with Procore Technologies, a leader in construction management software, to connect the construction industry on a single global platform. Procore helps firms increase efficiency and accountability by streamlining and mobilizing project communications and documentation. The construction industry faces a massive labor shortage, and the Procore/NCCER partnership is seen as an opportunity to educate, train, and attract students and individuals to the industry. “Their experience and expertise with innovative technology will be a valuable asset as we continue to push construction education into a new age,” NCCER President and CEO Boyd Worsham said of Procore.

RHP Properties Purchases Florida Community

RHP Properties, the nation’s largest private owner and operator of manufactured home communities, has acquired Winter Haven manufactured home community, a 55-plus property with 238 homesites. “We take great pride in the communities we acquire and manage, and one of the many things that excite us about Winter Haven is the opportunity to invest in a community that clearly places a great emphasis on quality of life,” said Ross Partrich, CEO of RHP Properties. “We are committed to fostering an environment where Winter Haven residents can fully engage in all that this incredible community has to offer.”

Capital Square Buys Florida Community

Country Lakes Village I and II in Manatee County, Fla., have been purchased by Virginia-based Capital Square 1031 for nearly $70 million. It also owns properties in nearby Port Charlotte, Palmetto, Lakeland, and Vero Beach. The property, split into a pair of communities, has 470 homesites, a pool, pickleball courts, a clubhouse, a library, tennis courts, billiards, and other social activities.

Four Leaf Properties Purchases Michigan Community

Newburg Meadows in Tecumseh, Mich., has been purchased by Four Leaf Properties and will be expanded by 126 homesites. “Our plans include the addition of new homes and additional community programming to foster the fun and relationships that are a hallmark of our FLP resident lifestyle experience,” Four Leaf Properties Managing Partner Michael Callaghan said.

MHPC Buys Community in North Carolina

Manufactured Housing Properties Inc. has purchased Red Fox manufactured home community with 51 homes and homesites on nine acres in Clyde, N.C., within the Asheville MSA. The company now

owns six communities in the Asheville area. The company, which has purchased six communities in 2022, now owns and operates 49 communities with 2,350 homesites.

Yuma Community Goes for $80 Million

Sun Vista Resort, a 55-plus manufactured home community in Yuma, Ariz., has been acquired for $80 million. The pet-friendly, amenity-rich resort has 1,230 homesites and indoor and outdoor swimming pools, a spa center, a fitness center, a music room, a library, a recreation and entertainment center, a computer and video library, and dog parks.

Flagship Buys Two Communities for $32.3 Million

Flagship Communities, a real estate investment trust has purchased a pair of manufactured home communities, one in Louisville, Ky., and another in Bloomington, Ill., for a price of »

$32.3 million. Flagship Communities President and CEO Kurt Keeney said the properties each are located in markets the company is looking to expand. “Growing our portfolio in key markets allows us to leverage operational efficiencies and economies of scale,” he said. “The properties are located in highly desirable areas which are expected to generate above-market growth over time.”

Personnel CBRE Hires Manufactured Housing Finance Veteran

CBRE has hired for its San Diego office Erik Edwards as senior vice president in charge of debt and structured finance. Edwards has more than 21 years of experience in commercial real estate finance, and most recently worked with Wells Fargo as director of the multi-family finance group where he where he led and participated in originating and closing more than $5 billion in agency loans, and other loans brokered to outside lenders, on manufactured home communities throughout the U.S. He has a bachelor’s degree in business economics from the University of California, Santa Barbara, and an MBA from the University of California, Irvine.

Industry Giving RHP Properties Adopts Las Vegas Classroom

A $10,000 donation to a Las Vegas elementary school classroom will provide needed resources to promote academic success. The nation’s largest private owner of manufactured home communities is working with AdoptAClassroom.org to support Arturo Cambeiro Elementary School as it has with other schools in previous year. “We are so thankful for the generous donation RHP has provided to our school,” said Chris Popek, principal of Arturo Cambeiro Elementary. “Our teachers work extremely hard at making learning enjoyable and engaging and I am excited to see them put extra instructional resources to use that the donation will fund.” MHV

Featured Deal Tri-Star Estates

$63,192,000 • 157 Acres 5 Years Interest Only • 10 Year Term • 30 Year Amortization • 853 Home Sites • Early Rate Lock Maverick Commercial Mortgage Inc. placed the financing with PGIM and Freddie Mac in March 2022. Maverick Commercial Mortgage, Inc. enjoyed a strong 2021, securing financing across all multifamily and commercial product types—with a particular focus on manufactured housing communities (MHCs). MHCs are becoming more mainstream to finance, so new opportunities for loan types are emerging. Maverick closed 7 loans in excess of $34,995,000 for MHC properties in 2021.

Maverick Commercial Mortage arranges a wide variety of commercial real estate loans ranging from $2 million to $50 million and up for its middle market real estate clients.

To get your financing started today, contact: Ben Kadish 312-268-6000 312-953-4344 ben.kadish@mavcm.com

Learn more about Maverick: mavcm.com 

New program revisions have been made to our Chattel and LandSmart Loan Programs to help simplify your customer(s) loan application. Your customer(s) will experience high quality service with our new and improved underwriting guidelines.

NEW Lower Rates!

NEW 90 Day No Payment Option NEW 5% Down Available for Qualified Customers with Credit Scores as Low as 575 Application Decisions Within Minutes of Applying!

We believe our first quote will represent the best combination of low rate and low loan costs for you! In the event that another lender provides a better written quote – give us a chance to beat it!

50% Debt-To-Income for Eligible Customers Available for Customers With a Credit Score of 575 NEW Down Payment Options 5% Down Payment Available for Customers on Private Property with a Credit Score of 575 5% Down Payment Available for Customers in a Community with a Credit Score of 650 20% Down Payment Available for Community Buyers With a Credit Score Between 575-649 Gifted Down Payment Funds are Acceptable NEW 25 Year Loan Term

NEW Loan Limits up to $375,000 NEW MAX ADVANCE up to 180% of gross invoice + $8,000/section + advanceable buy down points for eligible borrowers

5% Down Payment Option Maximum Debt Ratio 50% Available for Customer With a Minimum Credit Score of 575 NEW 30 Year Term Limits for ALL Borrowers

NEW Loan Limits up to $420,680

Have Questions or Need More Information? Contact Your Representative Today! Chris Turturro NMLS 134837 972-217-5186 | cturturro@cascadeloans.com

www.ask-cade.com

This is a business to business communication and is intended for industry professionals only. This is not intended to be, and should not be, distributed to the consumer or general public. Contact Cascade for licensing information.