Walker & Dunlop, Inc. structured a $23,530,000 Fannie Mae loan for Clearwater Village, a Class A manufactured housing community in Spotswood, New Jersey that caters to residents aged 55 and over.
Managing Director, Will Baker, led the origination team in arranging the 10-year, interest-only acquisition loan with a minimum 1.25x debt service coverage ratio.
The property has maintained consistently high occupancy levels and was 99 percent occupied at closing. This property benefits from being located within the Tri-State Area, one of the most populous regions in the country.
Baker commented, “We were pleased to be able to structure the financing for Clearwater Village to help the borrower meet his financial objectives in acquiring the property.”
Built in 1976, Clearwater Village is a 74-acre, 367-pad community located just seven miles south of New Brunswick, New Jersey. The age-restricted property has very little direct competition in the area and offers amenities such as community activities, a pool, clubhouse, picnic area with gazebos and bocce courts, tasteful landscaping, parking, and security cameras.
The property consists of an equal mix of single- and double-wide homes, with all pads able to accommodate a double-wide configuration.
Local amenities include national retailers such as Walmart and Target, an on-property bus stop, and several hospitals and medical centers in proximity to the property.