| February 8, 2006 |
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Wells Fargo
Commercial Mortgage Arranges Simultaneous
Refinance and Acquisition Loans for Adjacent
Mobile Home Parks in Tucson, Arizona.
Tony Petosa and Nick
Bertino of Wells Fargo Commercial Mortgage
arranged the closing of a $4,500,000 loan that
simultaneously facilitated the refinance of
Cielo Vista Mobile Home Park and the purchase of
Desert Palms Mobile Home Park in Tucson,
Arizona. Cielo Vista consists of 114 spaces
and Desert Palms consists of 71 spaces. Both
properties are all-age communities located
adjacent to one another and the owner will
combine operations under the Cielo Vista name.
Amenities include a clubhouse, swimming pool,
laundry facilities, and RV storage.
The $4,500,000 loan equates to approximately 80% loan-to-value and has a 10-year term with interest only payments for the first two years of the loan term followed by a 30-year amortization schedule. The borrower locked the interest rate in the mid-5% range approximately 60 days prior to loan closing. Tony Petosa is Regional Director and Nick Bertino is Associate Director for Wells Fargo Commercial Mortgage. They specialize in arranging financing on mobile home parks and RV resorts, offering both direct and correspondent lending programs.
Tony Petosa
Regional Director
(760) 438-2153
Nick Bertino
Associate Director
(760) 438-2692
Wells Fargo
Commercial Mortgage
5938 Priestly Drive,
Suite 102
Carlsbad, CA 92008
(760) 438-8710 FAX
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