Monroe & Giordano Arranges Financing for New Mexico MHC
The $16.5 million loan was used to refinance the mortgage on the age–restricted Trails West community in Las Cruces.
Trails West. Image courtesy of Monroe & Giordano
Monroe & Giordano has arranged a $16.5 million refinancing loan for a high-end, age-restricted manufactured housing community in Las Cruces, N. M. The company negotiated an interest rate of slightly over three percent on the 10-year loan.
Trails West encompasses 427 sites and is located at 1450 Avenida de Mesilla at the foot of the Organ Mountains. Completed in 1996, the property expanded in 2019 and now spans 75 acres. In 2017, the owners of Trails West added a new clubhouse to the community, featuring an indoor pool, exercise room, courtesy room, coffee bar and an exterior pet playground. Residents also have access to various amenities such as shuffleboard courts, sports court, horseshoe pit, barbeque grills and gazebo. In addition to that, activities such as water aerobics, art classes, holiday festivals and card games have been offered on a regular basis to residents of the community.
The community is located less than 5 miles from downtown Las Cruces and can be accessed via Interstate 10. New Mexico State University is approximately 2 miles away.
Mobile home park investment has seen an uptick in recent years and is considered a relatively low-risk segment of the affordable housing market.
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