Greystone has provided a $52.3 million Fannie Mae refinancing for Chateau La Salle, a 434-site manufactured housing community in San Jose, Calif. The 10-year debt was structured with fixed-rate, full-term interest-only payment on a 30-year amortization period.
Located at 2681 Monterey Highway, the property is a mile from several retail and dining choices, including big-box stores such as Target and Costco. Additionally, the asset is almost 4 miles southeast of the metro’s downtown and some 5 miles from several golf courses. Completed 1980 on 58 acres, the community comprises 434 pads, with common-area amenities including a pool, a fitness center, laundry facilities and tennis courts.
Greystone’s Managing Director Tim Thompson arranged the Fannie Mae financing for the private investor. Earlier this month, Walker & Dunlop originated a $3.6 million Fannie Mae acquisition loan for Capital Square 1031 to purchase an age-restricted manufactured housing community in Port Charlotte, Fla.