Newmark, an independent and full-service mortgage banking firm based in San Francisco, has secured $57.55 million in new long-term financing for two separate 55+ manufactured home communities in Apache Junction, AZ. The transaction included $36.66 million in permanent financing secured for a 400-home age-restricted manufactured home community situated across 72 acres. The other 55+ manufactured home community was acquired for about $20.89 million and will have 730 spaces for an RV park model resort situated on about 42 acres in Apache Junction.
Patrick Barkley, principal, and Chad Metzger, associate vice president, both worked with the borrower in securing this financing deal with two of Newmark’s agency relationships. According to Barkley, high-quality manufactured home communities and park model communities are popular property types for lenders/buyers in various economic cycles. Apache Junction, approximately 35 miles east of Phoenix, is home to two 55+ communities: Meridian Manor and Apache Villa.