Time Out MHC Portfolio
The transaction includes a $15,817,200 ($39,543/pad) non-recourse, first mortgage loan secured by seven class B manufactured home communities totaling 400 pads known as the Time Out MHC Portfolio, located in Lumberton, NC. The borrower purchased a total of 18 properties via 3 loans from CresCom with a current combined balance of $22.02MM. Of total portfolio, seven properties will serve as collateral for the KeyBank loan while the remaining 11 properties will serve as collateral for the Bank of the Ozarks loan. Built between 1970 and 2001 and renovated in 2018, the Portfolio was 91.3% occupied as of March 1, 2020. The loan is structured with a 10-year term and amortizes on a 30-year schedule. The portfolio has 95 affiliate owned homes (23.8%) which are 100% occupied. The tenants are not on a specific rent to own program but the Sponsors plan to get the tenants to own through eventually qualifying for a mortgage and purchasing a home. All of the POHs are held by a third party affiliate.