$17.5M loan secured for Bay Area manufactured home community

SAN DIEGO, December 7, 2020 – JLL Capital Markets announced today that it has arranged $17.5 million in acquisition financing for the 200-site Eden Roc manufactured home community in the San Francisco Bay Area city of Hayward, CA.

JLL worked on behalf of Hometown America, to originate the 10-year, fixed-rate Fannie Mae loan with full-term interest-only. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. Hometown America has immense experience in acquiring four- and five-star manufactured home communities throughout the United States. 

Situated on 21 acres, the Class A Eden Roc community is 100% occupied and features a clubhouse, fitness center, recreation area, pool, spa, sauna and children’s playground. Located at 28362 Bradshire Rd. in Hayward, the community is conveniently positioned near Interstate 880 and the San Mateo-Hayward Bridge, providing connectivity to the entire Bay Area including Oakland, San Francisco and Silicon Valley.

The JLL Capital Markets team representing the borrower was led by Managing Director Zach Koucos and Analyst Bharat Madan.

“Eden Roc is great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Matt Sears, Vice President of Hometown America. “This was another successful financing in our long relationship with the JLL debt placement team, and we continue to be very pleased with the competitive quotes received through their efforts.”

Koucos added, “This transaction evidences the continued strength and demand within the manufactured housing asset class, and we are grateful to Hometown America for entrusting us with the financing for this acquisition. As always, the Hometown team was excellent to work with."

Check out JLL’s Manufactured Housing Trends Report for more information on recent lender and investor interest in this space.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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