$13.44 MILLION LOAN CLOSED FOR TARPON SPRINGS SUN VALLEY ESTATES

TARPON SPRINGS, FLA. — Walker & Dunlop has provided a $13.44 million refinance loan for Sun Valley Estates Manufactured Housing Park in Tarpon Springs. Built in 1972, the 55-plus, age-restricted mobile home community consists of 261 pads with 231 doublewide and 30 singlewide homes. Community amenities include an outdoor pool, eight shuffleboard courts, a leasing office, a laundry facility, a community room, a storage area and a library. At the time of closing, the property was 94 percent leased. The 10-year loan has a 30-year amortization schedule. Additionally, the loan was underwritten to a 70 percent loan-to-value with a 1.30x debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm’s team for the transaction.