Reno mobile home property sold in exchange
Fairview Mobile Home Park at 2855 Kietzke Lane has been acquired in a deal that’s part of a 1031 tax exchange.
GMAC Commercial Mortgage Corp.
said it arranged $3.65 million in permanent, fixedrate financing for the acquisition.
The mobile home park on approximately eight acres includes 93 mobile home spaces, one apartment unit and two office buildings with six tenants.
Developed in the 1950s, the park has been 100 percent occupied for four years.
Two limited liability corporations Fairview MHP-S LLC and Fairview MHP-M LLC purchased the community as tenants in common.
That structure was necessary to allow the 1031 exchange, said Damon B.
Reed, a vice president of GMAC Commercial Mortgage.
Reed said the financing, which was arranged through Credit Suisse First Boston, carries a 5.68 percent interest rate on a 10- year loan.
Waterhouse Management Corp.
of Roseville, Calif., worked with GMACCM as the sales broker on the transaction.
“If you’re going to produce roughly 80,000 ounces (of gold) a year at $800 an ounce … and gold is at $1,900 or $2,000 per ounce, that’s going to create a tremendous amount of cash flow.”