Equity LifeStyle Properties, Inc. (NYSE:ELS) recently closed on $100 million of secured financing, which will be used to partially fund the acquisition of the remaining 18 properties of a 76-property portfolio.
The loan has an interest rate of 5% per annum, and requires interest-only payments for the first two years; it will mature on Nov. 1, 2021, and was secured by 10 manufactured home communities and one RV resort.
In May, ELS agreed to purchase 76 manufactured home communities from certain affiliates of Hometown America for $1.43 billion, and through the third quarter of 2011 has closed on 58 of those properties. The recent loan closing completes the new financings that ELS expected to originate in connection with the Acquisition.
Written by Alyssa Gerace