HFF Secures $8 Million Financing for Manufactured Home community in Northern California
Holliday Fenoglio Fowler, L.P. announced that it has secured $8 million in financing for Clayton Palms, a 188-home site, all-age manufactured home community in the East Bay city of Clayton, California.
HFF worked on behalf of Palms Property Management to secure the 10-year, interest-only, fixed-rate Fannie Mae loan. Loan proceeds will be used to replenish capital that ownership has invested into improving and expanding the property.
Clayton Palms is located on 27 acres at 16711 Marsh Creek Road in Clayton. The East Bay property is situated at the base of Mount Diablo near the affluent Northern California cities of Concord, Danville, Walnut Creek and Brentwood. Community amenities include a swimming pool, clubhouse, playground and RV storage. Clayton Palms is undergoing expansion with new manufactured homes for sale to new residents.
The HFF debt placement team representing the borrower was led by director Zach Koucos.
“Palms Property Management has done an amazing job of adding value at Clayton Palms Community since taking over the property,” said Koucos. “It was a pleasure working with their team to arrange this financing.”