Manufactured Housing Portfolio PROJECT DETAILS

VRE provided a $7.5 MM bridge loan facility to finance the acquisition of a portfolio of Manufactured Housing Communities in Kansas. The borrower's operational strategy was to add value through the execution of a business plan providing for better management, capital investment to improve the properties, and adding new spec homes for sale or rent. Equity was in the form of cash and a seller take back note. VRE's exit strategy was to be refinanced by a long term fixed rate loan upon the portfolio achieving its target cash flow, which occurred within the original note maturity of two years.