The office at Clearwater Village in Spotswood — Courtesy: Walker & Dunlop Inc.
By Joshua Burd
A firm has arranged more than $23 million in financing for a client to acquire a manufactured housing community less than 10 miles outside New Brunswick.
Walker & Dunlop Inc., a Bethesda, Maryland-based firm, structured the 10-year, interest-only Fannie Mae loan for the client’s purchase of Clearwater Village in Spotswood. Built in 1976, the property is a 74-acre, 367-pad age-restricted community that was 99 percent occupied at closing.
Walker & Dunlop Managing Director Will Baker led the origination team for the $23.53 million acquisition loan.
“We were pleased to be able to structure the financing for Clearwater Village to help the borrower meet his financial objectives in acquiring the property,” Baker said in a prepared statement.
The firm said Clearwater Village, which is seven miles south of New Brunswick, has very little direct competition in the area. Amenities include a pool, clubhouse, picnic area with gazebos and bocce courts, landscaping, parking and security cameras.
The property includes an equal mix of single- and double-wide homes, with all pads able to accommodate a double-wide configuration.