Phillips of Largo arranges $23.295 million for a portfolio of manufactured housing

Jack Phillips, principal for the Largo Group of Companies, has arranged $23.295 million to refinance the existing debt on 5 Manufactured Housing Communities totaling 768 pads in various locations throughout New York, North Carolina, and Maryland. The mortgages on these properties are non-recourse and feature a 10 year fixed rate loan and 30 year amortization schedule. The Manufactured Home Communities included in this portfolio include: Royal Palms, Wilmington, North Carolina; Lake Haven Mobile Home Park, Berlin, Maryland; Northland Estates, Watertown, New York; Pioneer Village, Horseheads, New York; and Alden Village Estates, Alden, New York. All 5 parks have maintained strong occupancy over the past few years and are managed by one of the largest owners of Manufactured Home Communities in the United States. Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders. The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.