KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland
DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group.
The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions.
Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule.
Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.