HOWELL TOWNSHIP, MICH. — Capital One Multifamily Finance has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-space Class A manufactured home community (MHC) in Howell Township near Detroit. Damon Reed of Capital One Multifamily originated the transaction. The 10-year, fixed-rate loan has one year of interest-only payments and a 30-year amortization schedule. Proceeds from the loan will be used to retire higher-rate debt and to return cash to the partnership in order to acquire additional homes and enhance amenities for residents. Burkhart Ridge was developed in three phases between 1999 and 2005. All sites can accommodate a doublewide home, attached garage and parking area. Amenities at the community include a clubhouse, pool, fitness center and facilities for volleyball, basketball, soccer and hockey.
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