Newmark, the largest independent commercial mortgage banking firm in the western U.S., has secured $57.55 million in new long-term financing for two separate manufactured home communities in Apache Junction, Arizona. Patrick Barkley, Principal, and Chad Metzger, Associate Vice President, worked with the borrower in arranging non-recourse financing with two of Newmark’s agency relationships. Pricing and other terms were not disclosed.
“High quality manufactured home and park model communities have proven year in and year out to be one of the premiere property types in any economic cycle,” says Patrick Barkley, Principal. “Our lenders aggressively pursued these loan opportunities and closed ahead of schedule.”