Maverick Commercial Arranges $10.2M First Mortgage Loan for Manufactured Housing Community in Missouri
HOUSE SPRINGS, MO. — Maverick Commercial Mortgage has arranged a $10.2 million first mortgage loan for Byrnes Mill Farms manufactured housing community in House Springs, located about 30 miles southwest of St. Louis. Built in 1986, the 372-site community features a pool and clubhouse. A national lender provided the bridge loan, which features a 16-month term and a 30-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs and returned equity to the borrower, MHPI.