Sam Zell’s Equity LifeStyle Properties scores loan for mobile home park near Lantana

Maralago Cay houses about 600 mobile home pads on a 102-acre lot

Miami /
Oct.October 20, 2017 09:45 AM

Sam Zell’s Equity LifeStyle Properties just scored a Fannie Mae loan for multiple mobile home communities it owns across the nation – two of which are in Florida.

Records show a subsidiary of the Chicago-based real estate investment trust Equity LifeStyle Properties received $66.5 million in financing for Maralago Cay, a mobile home park just west of Lantana. Berkadia Commercial Mortgage LLC was the lender.

The loan for the 102-acre mobile home park at 6255 Lawrence Road is one chunk of a larger $204 million loan for a group of mobile home communities across the nation, records show.

Maralago Cay houses about 600 one-story mobile home pads. Equity LifeStyle Properties bought the property in 1997, records show, meaning the trade broke down to about $33,700 per lot.

Equity Lifestyle Properties also scored $54.9 million in financing for its mobile home retirement community in Hernando County, Florida. The total value of all mortgaged properties related to the $204 loan is about $318 million, records show.

The REIT owns more than 145,000 lots in 32 states and British Columbia, according to its website. The company is known for snapping up distressed real estate and turning a profit.

Mobile home parks are becoming prime targets for investors and developers. Last month, real estate investor Steve Schneider paid $6.25 million for a trailer park near West Little River in Miami.

Last year, Sun Communities inked a $1.68 billion deal to acquire a large portfolio of mobile home communities, including 35 properties in Florida.


Related Articles

arrow_forward_ios
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Arnaud Karsenti and one of the properties at 435 Gardenia Street (Google Maps)
13th Floor Investments pays $26M for downtown West Palm Beach assemblage
13th Floor Investments pays $26M for downtown West Palm Beach assemblage
West Palm Beach workforce housing advances with $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
Publix-anchored shopping center in Boynton Beach trades for $17M
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
1905 Clint Moore Road in Boca Raton with Healthcare Trust of America interim President and CEO Peter Foss (Google Maps, Healthcare Trust of America)
Healthcare Trust of America buys Boca Raton medical offices for $50M
Healthcare Trust of America buys Boca Raton medical offices for $50M
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
Deepak Khosa and the Lake Arjaro Apartments (LoopNet, Khosa)
Deepak Khosa buys West Palm Beach apartments for $8M
Deepak Khosa buys West Palm Beach apartments for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...