Source: Federal Capital Partners / #Housing #Finance
CHEVY CHASE, MD - Federal Capital Partners and Horizon Land announced the closing on Horizon MH Communities Fund I, L.P. (MH Fund I), a $106.0 million fund targeting manufactured housing investments throughout the United States. The fund, when fully invested, is expected to accommodate approximately $350 million of total investments.
MH Fund I has already closed 25 investments utilizing $48 million of fund equity and representing value of $160 million. The firm continues to expand to accommodate its increased assets under management and increasing U.S. footprint.
"FCP is extremely pleased to continue and expand its relationship with Horizon with our initial fund offering," said FCP Managing Partner, Tom Carr. "Since completing our initial investment with Horizon in 2012, we have closed 57 transactions and grown the business into one of the key players in the industry. We are excited at the prospects for our initial fund given the opportunities present in the manufactured housing space."
Ryan Hotchkiss, CEO of Horizon Land added, "We are very excited to have the flexibility of the additional capital available to close transactions and grow our business. We have a proven track record for closing deals and our access to fully discretionary capital also allows us to move quickly in the market."
Horizon Land is an experienced owner-operator of manufactured housing communities. Formed in February 2006, Horizon Land purchased its first community in January 2007 and, through its joint venture with Federal Capital Partners, presently owns and manages 57 manufactured housing communities in 8 states in the Eastern U.S., comprising, in the aggregate, approximately 9,200 rentable sites.
Federal Capital Partners is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Eastern U.S. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments.