Alliant Credit Union in Chicago continued to build on its recent commercial mortgage lending activity – this time with a $ 48.5 million loan to refinance a prefabricated housing community and RV fleet in Apache Junction, in Arizona, 35 miles west of Phoenix.
According to Alliant’s $ 14.6 billion announcement on Monday, the five-year interest-only loan was structured to support the owner’s business plan. Alliant also said the loan’s terms included a recovery of equity, a future earn-out and a moderate loan-to-value ratio. In addition, the loan proceeds were used to repay existing debt.
Alliant said Patrick Barkley, director of the Phoenix office of independent mortgage banking firm Gantry, spoke about the opportunity to refinance the loan.
Built in 1983, the property is a resort-style community for residents aged 55 and over, and its 433 hospitality sites have been fully occupied since 2018 with year-round population, the credit union said. It also includes 124 RV sites for seasonal residents, a long list of amenities, including a clubhouse with a banquet hall, business center, spa and outdoor pool, as well as programming. for active residents.
“Alliant is proud to work with an experienced and professional sponsor on this loan close,” said Peter Margolin, initiator of the Alliant commercial loan. âWe were delighted to provide a tailor-made solution to support this intricate Class A style community with a proven, long-standing history of profitable operations and high occupancy. “