Pillar Arranges $172M Fannie Mae Loan for Acquisition of Mobile Home Portfolio Located Predominately in Michigan
SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are located within 30 to 60 miles of Detroit. Arthur Tuverson of San Clemente-based Pillar, along with Yale Capital Advisors, arranged the Fannie Mae financing, which features a 10-year term.