MEADOW LANE RESIDENTS PURCHASE MH PARK
The residents of Meadow Lane Park (MLP), Alexandria Bay, New York, are pleased to announce the formation of Meadow Lane Park, Inc., a New York Not-For-Profit Corporation, and the successful closing of the purchase of the park.
The park is an 87-site seasonal park located on the river front of the St. Lawrence River in north central New York State. MLP was owned and operated for about 40 years by sellers who lived adjacent to MLP.
The resident group was stable and had owned homes in the park for years. They were highly motivated to preserve MLP when the sellers decided to retire.
Approximately 80 residents participated in the purchase, paying $6,100 per home site for their membership. The Corporation offered a deferred payment plan for members seeking to make their payment over time. Site rents in the park remained the same as prior to the purchase. The remaining residents remained in the park as tenants of the Corporation.
The Sellers, for various financial and tax reasons, agreed to carry the balance of the purchase price secured by a first mortgage on the park. The loan is a fully amortizing 20-year loan, payable monthly.
PMC Financial Services participated in the transaction by assisting the resident group leaders with organization of the group, structuring of the transaction, negotiations with the sellers, and coordination with lawyers for the resident group.
Deane Sargent; www.PMCfinancialservices.com; email@example.com; 415-271-3919
Deane Sargent and PMC Financial Services have been helping mobile home park resident groups and cooperatives to organize and find financing to buy their parks for over 20 years.