Mill Pond Village MHC is a three-star, all-age manufactured housing community built in 1973 that contains 356 sites. Forty percent of the sites can accommodate double-wide homes. The property was 93 percent occupied at time of close. Pillar sourced the transaction through Chris San Jose, Head of Lending Operations at Yale Realty & Capital Advisors, a key Pillar Correspondent based in Miami, Florida. The borrower is a family-owned private investment company and longtime client of both Pillar and Yale Realty.
“This transaction allowed the borrower to buy a well-positioned, stabilized MHC property located in one of Michigan’s better performing cities,” said Klingher. Due to recent strides in the automotive markets, the area is experiencing an influx of workers and robust job growth. “Mill Pond Village MHC provides a housing option for this influx of new residents who seek affordable housing in the area,” added Klingher.