SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $12 million refinancing for Oceanside RV Park, a 138-space coastal asset in the northern San Diego County beach community of Oceanside, California.
Working on behalf of the borrower, Pacific Current Partners, HFF placed the interest-only, floating-rate loan through Prime Finance.
Oceanside RV Park is located at 1510 South Coast Highway steps from the beach and proximate to Interstate 5 and Routes 76 and 78, providing access to nearby cities in Southern California. The coastal resort community is situated on two parcels totaling 7.37 acres along the famed Pacific Coast Highway. Amenities include a clubhouse, swimming pool, spa, showers, pet area, laundry room, free WiFi, extensive landscaping and full hook-ups for all RV spaces.
The HFF debt placement team representing the borrower was led by senior director Zach Koucos and director Chris Collins.
“This was a unique assignment where we had to cover a wide array of capital providers to source the most optimal financing,” Koucos said. “The team at Pacific Current Partners are true experts in the mobile home/RV industry, and have added tremendous value to this asset.”
Thom Niederkofler of Pacific Current Partners added, “What’s great about this loan is that it allows us to continue reinvesting in the park to improve the amenities and experience for our valued guests, while providing a healthy distribution to investors.”
About Pacific Current Partners: Pacific Current Partners was formed in 2013 with the aim of acquiring, operating and adding value to manufactured home and RV park properties. Senior partners Rob Coldren and Mike Cirillo have combined ownership, operational and legal experience of over 70 years in the manufactured housing industry, and are well-known in the MHC industry in western United States. Partners Thom Niederkofler, Spencer Engler-Coldren and Brad Hill have worked as a team leading the successful acquisition and management of the team's portfolio of 11 properties in top markets with strong value-add opportunities over the last few years.
About HFF: Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.