Apache Junction's manufactured home community and RV park. Photos courtesy of Alliant CU.
Alliant Credit Union in Chicago continued to build on its recent commercial real estate lending activity – this time with a $48.5 million loan to refinance a manufactured housing community and RV park in Apache Junction, Ariz., 35 miles west of Phoenix.
According to the announcement from the $14.6 billion Alliant Monday, the five-year, interest-only loan was structured to support the property owner's business plan. Alliant also said the provisions of the loan included equity recapture, future earn-out and a moderate loan-to-value ratio. In addition, proceeds of the loan were used to pay off existing debt.
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Alliant said it was referred to the loan refinance opportunity by Patrick Barkley, principal at the Phoenix office of independent mortgage banking firm Gantry.
Built in 1983, the property is a resort-style community for residents ages 55 and over, and its 433 home sites have been fully occupied since 2018 with a year-round population, the credit union said. It also includes 124 RV sites for seasonal residents, an extensive list of amenities including a clubhouse with a banquet hall, business center, spa and outdoor pool, and programming for active residents.
"Alliant is proud to work with an experienced and professional sponsor on this loan closing," Alliant Commercial Loan Originator Peter Margolin stated. "We were pleased to provide a tailored solution to support this Class A, resort-style community with a proven, longstanding history of profitable operations and strong occupancy."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
