SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $5.8 million in financing for Oak Tree Ranch, a 126-home site, all-age manufactured home community in the San Diego County community of Ramona, California.
HFF worked on behalf of the borrower, Hometown America, to secure the five-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.
Oak Tree Ranch is located on a 93-acre site in Ramona, approximately 35 miles northeast of downtown San Diego. The property is less than one mile from California State Routes 67 and 78, providing easy access to neighboring cities in San Diego County, including Escondido, Poway, Rancho Bernardo, downtown San Diego and the California coast. Originally developed with 79 home sites, an additional 47 sites were added by the previous ownership, with entitlements for up to 250 home sites total. Hometown America plans to bring in new, high-quality multi-section manufactured homes for sale to continue the expansion of the community. Amenities at Oak Tree Ranch include a historic home used as the leasing office, a clubhouse, swimming pool, spa, laundry, RV/boat storage, community garden and outdoor entertainment grounds with event pavilion.
The HFF debt placement team representing the borrower was led by director Zach Koucos.
“Oak Tree Ranch is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America. “We were very pleased with the competitive quotes received through HFF’s efforts. This is a clear indication that lenders are bullish on premium manufactured housing communities located in desirable markets.”
About Hometown America: Founded in 1997, Hometown America is a privately held company that owns and operates manufactured housing communities across the country. Today, the company operates more than 53 communities in 10 states. Learn more at www.hometownamerica.com.
About Aegon Asset Management: Aegon Asset Management, the global investment management division of the Aegon Group, is comprised in the U.S. by Aegon USA Realty Advisors, LLC (AURA) and Aegon USA Investment Management, LLC (AUIM). AURA is a U.S.-based real estate asset manager and AUIM is a U.S.-based investment advisor registered with the Securities and Exchange Commission.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.