Fully Capitalized Bridge Lender Provides Funds to Enable Gulf Stream Manor to Refinance its Existing Mortgage

Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $15.5 million loan to Gulf Stream Manor (Phase II), a manufactured home community in Lake Charles, Louisiana.

The property owner will utilize the funds to refinance its existing mortgage, as well as provide working capital and expenditures.

Managed by Southern Choice Properties, the Gulf Stream Manor community encompasses 265 manufactured homes along with a clubhouse, pool, playground, and basketball courts. The three-bedroom, two-bath and four-bedroom, two-bath residences range from 1,152 square feet to 1,368 square feet.

“The national outlook for manufactured home communities is very positive, as the need for affordable housing options due to COVID-19 and other factors has steadily increased occupancy rates. An increase in traditional home prices over the last five years has also driven demand for buyers and renters to seek alternative living arrangements,” said Billy Meyer, Managing Director of Real Estate Lending at Columbia Pacific Advisors. “We believe that Gulf Stream Manor is a stabilized asset and one of the newest and most amenity rich properties within the submarket.”

Chemical and petroleum plants are a strong source of employment in Lake Charles, and Gulf Stream Manor’s proximity to these essential industries makes it a viable living option for employees. For example, the recent expansion of energy and chemical business Sasol resulted in a population growth of approximately 12,000 people in the area.