The following article was posted today – April 2 – by GlobeSt.com – a real estate business blog:
“Core Capital Investments of Irvine has secured an $8.9 million refinancing for its 146-pad Lanikai Lane Mobile Home Park at 6550 Point Dr. in Carlsbad. The four-year loan, arranged by an HFF team led by director Tina Derderian, is at 6.55% fixed, interest-only, with ING Investment Management. Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years. The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park. The mobile home park is across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the Coaster rail line providing access into downtown San Diego. The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa.”
The 8.9 million dollar loan works out to about $61,000 per space. Note that the park has a ground rent lease for only 2 more years.