{"id":1004086061,"date":"2013-10-30T07:11:38","date_gmt":"2013-10-30T15:11:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004086061"},"modified":"2022-12-06T23:10:36","modified_gmt":"2022-12-07T07:10:36","slug":"meridian-orchestrates-150m-financing-deal-for-manufactured-housing-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-orchestrates-150m-financing-deal-for-manufactured-housing-portfolio\/","title":{"rendered":"Meridian Orchestrates $150M Financing Deal for Manufactured Housing Portfolio"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/MH_Portfolio_3.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004086063\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/meridian-orchestrates-150m-financing-deal-for-manufactured-housing-portfolio\/mh_portfolio_3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/MH_Portfolio_3.jpg\" data-orig-size=\"290,205\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"MH_Portfolio_3\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/MH_Portfolio_3.jpg?w=290\" class=\"alignleft size-full wp-image-1004086063\" alt=\"MH_Portfolio_3\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/MH_Portfolio_3.jpg\" width=\"290\" height=\"205\" \/><\/a><\/p>\n<p>Matrix Realty Group has purchased a manufactured housing portfolio from Equity LifeStyle Properties Inc., and the company has Meridian Capital Group L.L.C. to thank for securing the funds for the transaction. Meridian orchestrated $150 million in acquisition and permanent financing for Matrix&#8217;s $165 million purchase of the group of 11 communities, which encompasses an aggregate 5,347 pad sites in Michigan and Alabama.<\/p>\n<p>Meridian negotiated a five-year, fixed-rate financing package with one-year of interest only payments and a 30-year amortization period. &#8220;This was a challenging transaction to place debt for given the high leverage of 90 percent, relatively low occupancy and 30 day closing,&#8221; Tal Bar-Or, managing director with Meridian, told <i>Commercial Property Executive<\/i>. Meridian made the deal happen in just 27 days.<\/p>\n<p>The majority of the collection of manufactured housing communities is in Michigan and includes Avon on the Lake in Rochester Hills; Cranberry Lake in White Lake; Old Orchard in Davison; Royal Estates in Kalamazoo; Fairchild Lake in Chesterfield; Westbridge Manor and Westbrook in Macomb; Oakland Glens in Novi; Grand Blanc Crossing in Grand Blanc; and Holly Hills in Holly. Greenpark South in Pelham, Ala., completes the group. The portfolio consists of both individually owned residences and rental homes.<\/p>\n<p>Meridian is keeping mum on the source of the financing, but Bar-Or added that, &#8220;to accomplish what the client needed it required Meridian bringing in three lenders to complete the capital stack.&#8221; And again, it all happened in less than a month.<\/p>\n<p>It&#8217;s still a difficult lending climate for the manufactured housing sector.\u00a0 As noted in a mid-year report by Marcus &amp; Millichap Real Estate Investment Services,&#8221; Although financing by local banks has expanded for Class A and B assets, lending is still difficult for Class C properties, and many assets are sold with owner financing or cash.&#8221;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meridian orchestrated $150 million in acquisition and permanent financing for Matrix Realty Group&#8217;s $165 million purchase of a group of 11 communities, which encompasses an aggregate 5,347 pad sites in Michigan and Alabama.<\/p>\n","protected":false},"author":969,"featured_media":1004086063,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742],"tags":[],"class_list":["post-1004086061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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