Each resident park purchase is different – different people, different owners, different real estate. Here are some brief summaries:
BLUE PACIFIC, APTOS, CA — 2011
This project is a 100-site park in Aptos, CA, about 1/4 mile from the Pacific Ocean. The resident group sued the owner for failure to maintain the park . PMC was able to negotiate the purchase of the park using a loan from HUD/FHA. About 85% of the residents give up rent control to buy their share.
Lakeshore Estates, Corvallis, Or — 2007
This project is a 46-site park near Corvallis, OR. The purchase of this California mobile home park was funded by a first mortgage loan from a conduit lender, combined with resident equity. About 75% of the residents participated, most using share loan financing from a regional Non-Profit Lender.
WORLD MARINE ESTATES, AMERICAN CANYON, CA — 2008
This project is a 126-site mobile home park in American Canyon, CA, near the San Francisco Bay Area. The project was the refinance of an existing conduit loan with a 10-year term. In addition, the ownership group expanded their membership from about 55% to about 75%. Finally, the group obtained additional funds to make needed park infrastructure improvements. This financing was extremely difficult because the financing market was in general meltdown, loans were very difficult to arrange, and the time requirements caused the existing loan to go into default.
APTOS KNOLL, APTOS, CA — 2005
Aptos Knoll is a 76-site mobile home park in Aptos, CA, near Monterey Bay. The purchase by the resident-ownership group was funded by a first mortgage loan from a conduit lender, combined with resident equity. More than 80% of the residents participated and gave up their ‘rent controlled’ status to become park owners. Share loan financing was provided through funds raised in the park. There are currently only two non-members remaining in the park.
PAUL REVERE COOPERATIVE, LEXINGTON, MN — 2005
This project is a 155-site park in Lexington, MN, near Minneapolis. PMC acted as consultant to the local non-profit entity serving as project sponsor. The purchase was funded by a first mortgage loan from a conduit lender, combined with a subordinated loan from a community development lender. Share funding was provided by the local non-profit entity. About 50% of the residents participated.
ISLANDER MOBILE HOME PARK, BAINBRIDGE ISLAND, WA — 2004
This project is a 60-site park in the center of the Town of Bainbridge Island, across from Seattle, WA. The park was facing closure. The purchase was funded by a first mortgage loan from a conduit lender, combined with resident equity. Most residents participated and became park owners. Share loan financing was provided through funds raised in the Town.
SPRINGLAKE COMMUNITY, SCAPPOOSE, OR — 2003
This project is a 147-site park in Scappoose, OR, northwest of Portland. The park was relatively new, but had 25 sites that had never been occupied. This complicated the financing. The purchase was funded by a first mortgage loan from a conduit lender, combined with resident equity. About 70% of the then current residents participated. Share loan financing was provided through funds from a private investor.
PMC Financial has helped mobile home park cooperatives and resident communities to buy their parks for nearly 20 years. If you are thinking about setting up a mobile home cooperative or creating a resident-owned community, please contact us »
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