Kort & Scott Financial Group (KSFG)

Fri, Apr 16, 2021 – During the years 2019, 2020, 2021 Lument have provided $220.8MM in Fannie Mae and Freddie Mac loans for these 8 KSFG owned mobile home parks. We are awaiting specifics on dates of refinancing.

Mobile Home Parks Refinanced

1. Arrowhead Mobile Home Park
   201 East Arrow Highway, Glendora, California 91740
   Amount: $15,000,000
   Loan Type: Fannie Mae
2. Blue Star Mobile Home Park
   12401 Filmore Street, Sylmar, California 91342
   Amount: $30,300,000
   Loan Type: Fannie Mae
3. Crestmont Mobile Estates
   1051 Site Drive, Brea, California 92821
   Amount: $41,200,000
   Loan Type: Fannie Mae
4. Fountain Valley Estates
   9320 Talbert Avenue, Fountain Valley, California 92708
   Amount: $42,000,000
   Loan Type: Freddie Mac
5. Tahitian Mobile Home Park
   15445 Cobalt Street, Sylmar, California 91342
   Amount: $18,100,000
   Loan Type: Fannie Mae
6. Chaparral Village
   3180 East 88th Avenue, Thornton, Colorado 80229
   Amount: $9,200,000
   Loan Type: Freddie Mac
7. North County Village
   9700 Riverdale Road, Thornton, Colorado 80229
   Amount: $39,000,000
   Loan Type: Freddie Mac
8. Riverside De Santa Fe
   7460 Riverside Loop, Santa Fe, New Mexico 87507
   Amount: $26,000,000
   Loan Type: Fannie Mae

Mon, Jun 25, 2018 – Capital One provided a $19.1 mil Fannie Mae flexible-rate loan to refinance Starlight Mobile Home Park, a 162-unit manufactured housing community (MHC) in El Cajon, CA, a city 17 miles east of downtown San Diego.

Starlight was originally developed in 1963 and has a clubhouse, pool, spa, and central laundry. No additional communities are anticipated in the general area due to zoning restrictions, land costs, and difficulty in obtaining construction financing.

The sponsor, Kort & Scott Financial Group, is the 13th largest owner and operator of MHCs in the country. Since its founding in 1989, the company has acquired over 9,500 MHC units and currently manages a portfolio of properties in Arizona, California, Colorado, and New Mexico. Capital One’s Chad Thomas Hagwood originated the transaction.

The 10-year structured adjustable rate mortgage has five years of interest-only payments, followed by amortization on a 30-year schedule.

Mobile Home Park Refinanced

• Starlight Mobile Home Park
  351 East Bradley Avenue, El Cajon, California 92021

Tue, Apr 3, 2018 – Capital One has provided the Kort and Scott Financial Group with a $48.8 million Fannie Mae structured adjustable-rate loan for Lincoln Center Mobile Home Park, a 305-unit manufactured housing community in Cypress, California.

‘Thanks to our close working relationship with Kort & Scott and Fannie Mae, we were able to structure and close an exact fit for the borrower’s needs’, Chad Thomas Hagwood, Capital One Multifamily Finance’s senior vice president of its Southeast region, said. ‘The sponsor is using the proceeds to pay off their existing loan and secure funds to further enhance this already great community.’

The development was 92 percent occupied at the time of the loan.

The Kort and Scott Financial Group is currently the 13th-largest owner/operators of MHCs in the U.S., with 38 communities in its portfolio, representing 8,600 MHC sites in California, Colorado and Arizona.

Mobile Home Park Refinanced

• Lincoln Center Mobile Home Park
  9080 Bloomfield Avenue, Cypress, California 90630

Thu, Jan 11, 2018 – Kort & Scott Financial Group has landed a $30 mil Fannie Mae adjustable-rate loan for the acquisition of a leasehold interest in Crestmont Mobile Estates, a 289-space manufactured housing community (MHC) located 33 miles southeast of Los Angeles in Brea.

Crestmont Estates is fully occupied and was originally developed in 1970 as a 263-space community. Subsequent construction in 2007 added 26 spaces. The community has a pool, clubhouse with recreation room, and central laundry.

Kort & Scott Financial Group is the 13th largest owner and operator of MHCs in the country. Based in Southern California, Kort & Scott has acquired over 9,500 MHC properties to date and currently manages a portfolio spanning California, Colorado, Arizona, and New Mexico.

Capital One’s Chad Thomas Hagwood originated the loan and Brandon Pate, also with Capital One, managed the transaction. The 10-year, adjustable-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule.

Mobile Home Park Leasehold Purchase

• Crestmont Mobile Estates
  1051 Site Drive, Brea, California 92821

Jun 2017 – Capital One provided a $25.6 million Fannie Mae flexible-rate loan for the acquisition of Woodley Apartments, a 126-unit apartment community in Van Nuys, California. The sponsor, the Kort and Scott Financial Group, is the 13th largest owner and operator of manufactured housing communities (MHCs) in the country. This is the group’s 37th transaction with Capital One. Senior Vice President Chad Thomas Hagwood originated the transaction.

The 10-year flexible-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule.

Apartments Purchased

• Woodley Sara Apartments
  7121 Woodley Avenue, Van Nuys, California 91406

Tue, Apr 25, 2017 – Capital One announced today that it has provided $76.7 million in Fannie Mae loans for Kort & Scott Financial Group, one of the largest and most successful private manufactured housing (MHC) owner-operators in the country. The loans, all for California properties, allowed Kort & Scott to refinance an MHC community in Garden Grove, to acquire an apartment community in Norwalk, and to refinance an apartment community in Van Nuys.

A $15.4 million Fannie Mae structured adjustable rate loan to refinance Thunderbird Mobile Home Park, a 103-space manufactured housing community (MHC) in Garden Grove, California. The 10-year adjustable rate loan has five years of interest-only payments, followed by amortization on a 30-year schedule. There is a 12-month lockout period with 1 percent exit fee thereafter until 90 days from maturity.

Mobile Home Park Refinanced

• Thunderbird Mobile Home Park
  13102 Partridge Street, Garden Grove, California 92843

Tue, Apr 25, 2017 – Capital One announced today that it has provided $76.7 million in Fannie Mae loans for Kort & Scott Financial Group, one of the largest and most successful private manufactured housing (MHC) owner-operators in the country. The loans, all for California properties, allowed Kort & Scott to refinance an MHC community in Garden Grove, to acquire an apartment community in Norwalk, and to refinance an apartment community in Van Nuys.

A $42.6 million Fannie Mae structured adjustable rate loan for the acquisition of IMT MetroPointe, a 249-unit apartment community in Norwalk, California. The 10-year flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule. Capital One financed this transaction under Fannie Mae’s Green Rewards Mortgage Loan program. Kort & Scott plans to implement a variety of energy- and water-efficiency measures, including xeriscaping, low-flow aerators, and programmable thermostats to achieve at least a 20 percent reduction in annual energy and water consumption. The benefits of the program include a lower interest rate, up to 5 percent in additional loan proceeds, and improved net cash flow through underwriting of a portion of the projected energy savings.

Apartments Purchased

• MetroPointe Apartments
  11615 Firestone Boulevard, Norwalk, California 90650

Tue, Apr 25, 2017 – Capital One announced today that it has provided $76.7 million in Fannie Mae loans for Kort & Scott Financial Group, one of the largest and most successful private manufactured housing (MHC) owner-operators in the country. The loans, all for California properties, allowed Kort & Scott to refinance an MHC community in Garden Grove, to acquire an apartment community in Norwalk, and to refinance an apartment community in Van Nuys.

An $18.7 million Fannie Mae structured adjustable rate loan to refinance Sepulveda Apartments, a 98-unit apartment community in Van Nuys, California. The 10-year flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule.

Apartments Refinanced

• Sepulveda Apartment Homes
  6940 Sepulveda Boulevard, Van Nuys, California 91405

Tue, Jan 3, 2017 – Capital One announced today that it provided a $6.2 million Fannie Mae Structured Adjustable Rate mortgage to refinance Briarwood Mobile Home Community, a 105-unit manufactured housing community (MHC) in Sacramento, California. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily Finance’s Southeast region out of the Birmingham, Alabama office.

The sponsor, Kort & Scott Financial Group, bought the property for cash in October 2016 and will use the loan to return a portion of the proceeds used for the acquisition. This is the 27th transaction Kort & Scott Financial Group, has completed with Hagwood’s team at Capital One.

The ten-year adjustable rate loan has five years of interest-only payments, followed by amortization on a 30-year schedule. There is a 12-month lockout period with one percent exit fee thereafter until 90 ninety days from maturity.

Based in Southern California, Kort & Scott owns and operates MHCs in the Western United States, primarily in Arizona, California, Colorado, and New Mexico. Since 1989, the company has acquired over 9,500 mobile homes spaces.

Mobile Home Park Refinanced

• Briarwood Mobile Home Park
  2950 Routier Road, Sacramento, California 95827

Tue, Oct 11, 2016 – Capital One announced that it has provided a $15.8 million Fannie Mae structured adjustable rate loan to refinance Rio Vista Mobile Estates, an all-age, 200-space manufactured housing community (MHC) in Anaheim, California. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily Finance’s Southeast region out of the Birmingham, Alabama, office.

The 10-year loan is being amortized on a 25-year schedule. The borrower, Anaheim Associates, L.P., will use the proceeds to retire higher-rate Fannie Mae debt, cash out equity, and finance improvements to the property as dictated by its ground lease.

Mobile Home Park Refinanced

• Rio Vista Mobile Estates
  320 North Park Vista Street, Anaheim, California 92806

Tue, Jun 28, 2016 – Capital One announced it has provided Fannie Mae structured adjustable-rate (SARM) loans totaling $60.8 million to refinance four manufactured housing communities (MHCs) in California. Senior Vice President Chad Thomas Hagwood originated the transaction and Brandon Pate of Hagwood’s team managed the deal. Hagwood leads Capital One Multifamily Finance’s Southeast region out of the Birmingham, Alabama, office, and is one of the most experienced MHC originators in the industry.

The ten-year SARM loans have a three-year interest-only period followed by amortization on a 30-year schedule.

The borrower, the Kort & Scott Financial Group, has an 18-plus year relationship with Hagwood and has completed multiple transactions with Capital One. Based in Anaheim, CA, Kort & Scott specializes in buying and managing MHCs across the United States, acquiring over 9,500 mobile home spaces since 1989. The company is using the proceeds from this transaction to retire existing debt and maintain and upgrade the properties.

Capital One provided a $23.5 million loan for Blue Star Mobile Home Community, a 186-space community in Sylmar; an $11.2 million loan for Lamplighter Mobile Home Community, a 173-space community in North Highlands; a $10.3 million loan for Reseda Mobile Home Community, a 108-space community in Reseda; and a $16.0 million loan for Vista Diablo Mobile Home Community, a 150-space community in Antioch.

All four MHCs were built in the 1960s and 1970s and have been well maintained. They have high occupancy rates, with Reseda reaching 100 percent. The Reseda and Vista Diablo MHCs are 55+ communities, and Vista Diablo operates under a Home Rent Subsidy Agreement with the Antioch Development Agency.

Mobile Home Parks Refinanced

1. Blue Star Mobile Home Park
   12401 Filmore Street, Sylmar, California 91342
2. Lamplighter Sacramento Mobile Home Park
   5040 Jackson Street, North Highlands, California 95660
3. Reseda Mobile Homes
   6545 Wilbur Avenue, Reseda, California 91335
4. Vista Diablo Mobile Estates
   2901 Somersville Road, Antioch, California 94509

Tue, Jan 5, 2016 – Capital One announced today that it has provided a $3.27 million Fannie Mae adjustable-rate loan for the acquisition of Sierra Mobile Home Park, a seniors-only manufactured housing community (MHC) in Santa Clarita, California, northeast of Los Angeles. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily's Southeast offices out of Birmingham, Alabama.

The borrower aims to increase its NOI at Sierra by increasing occupancy and adjusting rates to market levels. Built in 1956, Sierra Mobile Home Park had been held by the same owner for 50 years and is in good condition. Community amenities include a clubhouse, pool and laundry room.

The seven-year adjustable-rate loan has a three-year interest-only period followed by amortization on a 30-year schedule.

Mobile Home Park Purchased

• Sierra Mobile Home Park
  18204 Soledad Canyon Road, Santa Clarita, California 91387

Mon, Dec 28, 2015 – Capital One announced it has provided an $11.719 million Freddie Mac adjustable-rate loan to refinance Starlight Mobile Home Park, a 162-space, seniors-only manufactured housing community (MHC) in El Cajon, California, in San Diego County. Senior Vice President Chad Thomas Hagwood originated the transaction.

The borrower purchased the park in May, 2015. Starlight has a clubhouse, pool, spa, and community laundry, and almost two-thirds of the homes are owned by the park. “We structured the deal with two years’ interest only,” Hagwood said. “This will give the borrower the chance to put the park on more solid footing.” The El Cajon submarket is performing well, with vacancy rates projected to average 1.8 percent through 2019.

Note: The above referenced “borrower” is a Kort & Scott Financial Group (KSFG) named business entity. There are three named business entities associated with Starlight Mobile Home Park. DBA: Davis Group Exchange LLC, Starlight Exchange LLC, Starlight MHP LLC

Mobile Home Park Refinanced

• Starlight Mobile Home Park
  351 East Bradley Avenue, El Cajon, California 92021

Tue, May 12, 2015 – The 162 space Starlight Mobile Home Park at 351 East Bradley Avenue, El Cajon, California 92021, has been sold for $17,981,000, cash. The buyers are Davis Group Exchange LLC (52.7%), Starlight MHP LLC (34.5%) and Starlight Exchange LLC (12.8 %), 320 North Park Vista Street, Anaheim, California 92806.

Mobile Home Park Purchased

• Starlight Mobile Home Park
  351 East Bradley Avenue, El Cajon, California 92021

Mon, Dec 7, 2015 – Capital One announced today that it has provided a $3.1 million Freddie Mac adjustable-rate loan to refinance Country Club Village, a 492-space manufactured housing community (MHC) in Mesa, Arizona. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily's Birmingham, Alabama, office.

The borrower has owned the Country Club Village since 1995. It is using proceeds from the loan to retire existing debt, make renovations, and purchase additional properties.

We have a strong relationship with the borrowers, and we knew we had to bring them a solution that fit their specific needs, Hagwood said. We were able to work with Freddie Mac to structure a loan that fit the circumstances of this community.

Amenities at Country Club Village include a clubhouse with a banquet hall, community kitchen, two outdoor pools, and two playgrounds. It is within easy driving distance of Mesa Riverview Mall.

The 10-year adjustable-rate loan has a one-year lockout and a 10-year amortization schedule.

Mobile Home Park Refinanced

• Country Club Village
  2060 North Center Street, Mesa, Arizona 85201

Fri, Dec 6, 2013 – Beech Street Capital, a mortgage banking company headquartered in Bethesda, Md., just closed a refinancing deal on seven Fannie Mae loans totaling $158 million.

Chad Thomas Hagwood, Beech Street’s executive vice president of originations, said, The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.

The refinanced communities are in California and New Mexico, and include: Arrowhead Mobile Home Park (Glendora), Continental Mobile Home Community (Santa Ana), Hollydale Mobile Home Estates (Brea), Knolls Lodge and Knolls Manor Mobile Home Communities (Torrance), Lincoln Center Mobile Home Community (Cypress), Mobile Aire Estates (Covina) and Riverside de Santa Fe Mobile Home Community (Santa Fe).

No significant renovations are planned, but there will be some capital going back into the properties for small enhancements, nothing major, said Hagwood. What makes these properties so attractive to Beech Street Capital, he said, are long-term ownership and stable operations in good locations.

The seven-year, fixed-rate loans have a 10-year term, three years of interest-only payments, 9 1/2 years of yield maintenance and 30 years of amortization, payable on an actual/360 basis.

Mobile Home Parks Refinanced

1. Arrowhead Mobile Home Park
   201 East Arrow Highway, Glendora, California 91740
2. Continental Manufactured Home Community
   2804 West First Street, Santa Ana, California 92703
3. Hollydale Mobile Home Park
   5700 Carbon Canyon Road, Brea, California 92823
4. Knolls Lodge Mobile Home Park
   23701 South Western Avenue, Torrance, California 90501
5. Knolls Manor
   24200 Walnut Street, Torrance, California 90501
6. Lincoln Center Mobile Home Park
   9080 Bloomfield Avenue, Cypress, California 90630
7. Mobilaire Estates Mobile Home Park
   716 North Grand Avenue, Covina, California 91724
8. Riverside De Santa Fe
   7460 Riverside Loop, Santa Fe, New Mexico 87507

Tue, May 14, 2013 – Beech Street Capital, LLC, announced today that it closed a $30 million Fannie Mae DUS loan to refinance Cottonwood Village, a 463‐pad manufactured housing community in Santa Fe, New Mexico. Proceeds from the loan allowed the borrower, Cottonwood MS, LLC, to retire two existing Fannie Mae loans on the property and return a portion of the equity. Chad Thomas Hagwood, executive vice president of loan originations for Beech Street, originated the loan, and Brandon E. Pate managed the transaction.

Beech Street’s challenge was to rate lock and close quickly so the borrower could benefit from ongoing interest‐rate compression in the Treasury markets. “Once we received loan committee approval, we went from rate lock to close in a matter of just three business days,” Hagwood says. Beech Street was also able to structure the loan to afford the borrower maximum cash out. It was granted an approval to use a 30‐year amortization schedule, rather than the 25‐year schedule normally used for all‐age communities. “Our speed of execution was aided by the close working relationship we’ve developed with the borrower and the quality of the property,” Hagwood notes. This was the third loan Beech Street closed for the borrower in the last 18 months.

Cottonwood Village has been well maintained and features a clubhouse/leasing office with a community room, an in-ground pool and heated spa, playground area, fitness center, and basketball/tennis courts.

The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.

Mobile Home Park Refinanced

• Cottonwood Village Mobile Home Park
  6441 Cypress, Santa Fe, New Mexico 87507

Fri, Jun 3, 2005 – While working with GMAC Commercial Mortgage Corporation, Chad Thomas Hagwood arranged for a $94.7MM Fannie Mae loan for Kort & Scott Financial Group in 2005 for a portfolio of six manufactured home communities in California and New Mexico.

Mobile Home Parks Refinanced/Purchased

1. Continental Manufactured Home Community
   2804 West First Street, Santa Ana, California 92703
2. Cottonwood Village Mobile Home Park
   6441 Cypress, Santa Fe, New Mexico 87507
3. Hollydale Mobile Home Park
   5700 Carbon Canyon Road, Brea, California 92823
4. Knolls Lodge Mobile Home Park
   23701 South Western Avenue, Torrance, California 90501
5. Knolls Manor
   24200 Walnut Street, Torrance, California 90501
6. Riverside De Santa Fe
   7460 Riverside Loop, Santa Fe, New Mexico 87507

Thu, Oct 9, 2003 – GMAC Commercial Mortgage Corp. has provided $14 million of Fannie Mae financing for the purchase of the Cottonwood Village mobile home park in Santa Fe, N.M.

The property, at 6441 Cypress St., has 461 sites and includes a building that houses the property's management office and a recreation room. The property contains tennis courts, a playground and a fenced-in storage area. It is owned by Cottonwood LK LLP.

GMAC's Birmingham, Alabama, office arranged the fixed-rate debt.

Mobile Home Park Purchased

• Cottonwood Village Mobile Home Park
  6441 Cypress, Santa Fe, New Mexico 87507