Castle Park Investments has nabbed a $100 million credit facility as part of its newly formed $500 million joint venture equity partnership targeting manufactured housing acquisitions, Commercial Observer can first report.
Newmark also formed the manufacturing housing JV in March in which Castle Park teamed up with an unnamed global private equity firm to acquire manufactured housing, recreational vehicle resorts and campground assets throughout the U.S.
Concurrent with the $100 million acquisition loan facility, Newmark announced that Castle Park will acquire a 514-lot portfolio of eight assets across strategic submarkets in the Pittsburgh metropolitan area. Castle Park will also utilize the credit facility to acquire additional manufactured housing assets across the country.
“The Castle Park venture will now be able to scale and grow their portfolio in a highly efficient manner due to the accretive financing of the Wells Fargo facility,” Stolly said in a statement.
The transaction is part of Newmark’s continued push into complex equity raising for both platform and programmatic JVs. In early March, Newmark procured a $240 million joint venture equity partnership between Burton-Katzman and DRA Advisors to recapitalize 24 industrial properties in the Midwest.
Officials at Wells Fargo and Castle Park did not immediately return requests for comment.
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