Madison Realty Capital Lends $114M on Southeast Mobile Home Portfolio
Commercial Observer reported that Parakeet Communities has secured a $114 million debt package from Madison Realty Capital to refinance a portfolio of 12 mobile home communities in Florida and North Carolina. The portfolio currently includes a small percentage of park-owned homes in the Florida communities of Miami, West Palm Beach, Panama City, Cape Canaveral, Ruskin, DeLand, Cocoa and Mount Dora, as well as Atlantic Beach, N.C. Collectively, the sites are currently 88 percent occupied. An initial loan of $50.9 million will finance closing costs, repay corporate debt and create light capital improvements. It will be upsized to as much as $114 million to fund future acquisitions when Parakeet identifies additional strategic investments that fit the same profile as the portfolio’s initial assets.