215 lot Mobile Home Park in Rochester, MN (Mayo Clinic)

[Jaden Ghylin]

I'm going after an REO mobile home park in Rochester, MN that has 215 pads, with 57% occupancy. It needs about 65 homes brought in and sold. It will be capital intensive for about 24 months. The bank currently wants around $1.1 mln for it, but it is being auctioned on May 16, so could go higher. I've done a lot of due diligence on this and the park value at 90% occupancy is $4.5-5mln refinanceable into non-recourse debt in the 4.5% range with 30 year amortization.

The Rochester market is growing rapidly due to a $5 billion investment into a Mayo Destination Medical Center, which is driving rents higher.  Unemployment is 3.2%

I'm looking for partners for this 36 month project.  At the end of the 36 month term, we will refinance the equity back out using a non-recourse 30 year loan.  I can purchase the park, but the "rehab' is above what I can fund personally.  Contact me if you are interested in being involved in this.

Regards,

-Jaden Ghylin