Keystone Commercial Capital has successfully closed a $2.3 million loan secured by the South 40 RV Ranch, a park model RV resort in Tucson, Ariz.
Acting on behalf of the property’s owner, Keystone’s Manufactured Housing Group secured the loan through a local bank.
The five-year fixed rate loan was used to refinance the property’s existing debt that was set to mature in November.
The park model RV resort has 230 home sites containing both park model homes and recreational vehicles. In addition, South 40 RV Ranch offers amenities such as a clubhouse, fitness center, library, pool, Jacuzzi, horseshoe pits, and laundry facilities.
Ryan Nelson, with Keystone, stated, “The strength of the borrower and his property were key in securing this loan. Financing for RV assets is incredibly difficult in today’s environment and this process required a significant lender search. We are very pleased that despite the scarcity of available debt for RV properties we were able to arrange an acceptable loan for all parties.”
Over the previous 12 months Keystone’s Manufactured Housing Group, headed up by Charlie Williams, has arranged loan closings or loan commitments for $250 million in manufactured housing and RV community loans.
Keystone Commercial Capital has offices in both Phoenix and Boston.