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Thursday, Feb 22, 2024

West Hills Mobile Park Secures $33.6 Million Loan in Fannie Mae Program

A West Hills mobile park is the first such property to receive a loan under Fannie Mae’s Green Rewards Program, according to New York-based Hunt Mortgage Group. Summit Mobile Home Park will receive $33.6 million, with a portion of loan proceeds applied toward installing solar panels to increase energy efficiency. The loan term will span 15 years with five years of interest-only payments. Summit is a 203-pad manufactured housing community located at 24425 Woolsey Canyon Road. Property amenities include a clubhouse, tennis courts, swimming pool and spa, and 456 parking spaces. Quantum Capital Partners in Beverly Hills arranged the financing. Larry Wilemon, vice president of Hunt Mortgage Group said the Miller family developed the property in 1980 and has successfully owned and managed the property since that time. “The owners have maintained a 95 percent plus occupancy rate at the park. The asset is also very well cared for,” Wilemon said in a statement. Fannie Mae’s Green Rewards Program provides lower interest rates for refinancings of properties that include energy-efficient appliances, low-flow toilets or solar energy systems, according to the agency’s website.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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