| 06/03/09: The Wildwood Communities MHP loan is secured by a 478 unit, (476 pad sites and 2 apartment suites) 128.4 acre, senior citizen oriented mobile home park facility in Sanwich, IL, 60 miles W/SW of Chicago. The northern part of the property was developed in 1977, and the remaining between 1999 and 2006.FYE 2008 NCF DSCR is 1.08x vs 1.15x at UW. It should be noted that UW DSCR of 1.15x is the level at which the sponsor guaranty by Green Courte Real Estate Partners of $3,000,000 may be released and not the actual DSCR for the Property. DSCR based on the full $20,500,000 loan amount and including amortization would have been 1.03 x. Based on this calculation the DSCR of 1.08x is in line with the original unadjusted UW.Occupancy remained at 99.4%, consistent with UW. The borrower attributes this to their senior citizen tenant base with fixed incomes and greater desire for stability. The property realized a slight increase in income at $2,305,171.13 vs $2,259,585 for UW. Ordinary expenses increased 27% as a result of repair to roads and the sewer system totaling approximately $90K.
|
