Wells Fargo Commercial Mortgage Arranges Simultaneous Refinance and Acquisition Loans for Adjacent Mobile Home Parks in Tucson, Arizona

February 8, 2006

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

anthony.j.petosa@wellsfargo.com

Nick Bertino

Associate Director

(760) 438-2692

bertinn@wellsfargo.com

Wells Fargo Commercial Mortgage

5938 Priestly Drive, Suite 102

Carlsbad, CA  92008

(760) 438-8710 FAX