Wachovia Bank Wins Foreclosure On Homestead Mobile Home Park
Wachovia Bank has foreclosed on Homestead Mobile Home Park, in which it had a $9.8 million mortgage. Homestead Mobile Home Park is located in south Florida.
Wachovia had made a $9.8 million loan on Homestead in 2006, when it was purchased by Washington, D.C.-based developer Yale-Stead Associates for $13.5 million. Yale-Stead had planned on tearing down the mobile home park and building a 204 unit apartment complex on the site, and had arranged a $50 million line of credit to build the facility. However, due to problems in the credit market, the complex was never built.
Frank & Dave’s Analysis of This Story:
There will be more stories like this in the months ahead, as troubles in the commercial real estate financing market are finally dealt with. Would this be a good mobile home park deal? It might be. Most banks have absolutely no desire to be in the mobile home park business. Could you get a loan on it? The first source might be Wachovia. They might be most interested in just putting this loan back into the “performing” category.
Tags: Financing, Lines of Credit, Manufactured Home Loan, mobile home park and US Recession, Mobile Home Park Bankruptcy, mobile home park business operations, mobile home park investing, mobile home park opportunity, mobile home park vacancies
Uncategorized | Frank Rolfe | 
March 5, 2010 3:46 pm
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By Capt Thomas G, March 5, 2010 @ 6:41 pm
Question on the Homestead Park ?? Who got the $9.8 million and what did they do with it ?? who Got the Green- or is a story of 30 people all now driving a Ferrari ?? Wachovia bank is now a property of WELLS FARGO BANK, Holdings, By Thanks to Comngress(Senators Representatives)
driving Ferraris on our “bail-Out Buck” ??
By Stephen Grissom, March 10, 2010 @ 7:16 pm
My goodness. Where would a person begin to propose a purchase of Homestead Mobile Home Park?
By Rob, March 28, 2010 @ 12:51 pm
Focus guys, this is a Great lead on a large park. With the right buiness plan and minimal cash outlay, one could approach the bank and make them a deal and if (?)the bank was smart, they would have a Win-Win outcome instead of a dead assett wich would take 2-5 years to rectify. Think about it!