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NAI Horizon's Jeff Adams shovels dirt at the 2017 Valley Partnership Community Project.

NAI Horizon's Jeff Adams shovels dirt at the 2017 Valley Partnership Community Project.

NAI Horizon sows the seeds of community service by volunteering at 2017 Valley Partnership Community Project

For its 30th community project, development industry group Valley Partnership chose to build an urban garden at The Society of St. Vincent de Paul in Downtown Phoenix.

NAI Horizon volunteers sowed the seeds of community service on a cool, overcast Saturday morning. Leading the team was Principal and CEO Terry Martin-Denning, who had the important job of working the registration table as more than 300 volunteers took part.

NAI Horizon’s Sarah Stecko (right) helps make scarecrows.

Also volunteering their time were NAI Horizon office professionals Jeff Adams, Logan Crum, Michael Gaida, Laurel Lewis and Sarah Stecko.

More than 100 corporate sponsors helped raise $200,000 toward the community project. Work included building raised planter beds, laying pavers, building a chicken run, building an outdoor classroom and a meditation area, and planting fruit-bearing trees.

One of Valley Partnership’s cornerstones is community service. Each year, it selects a non-profit organization that can benefit from the skills, efforts and supplies provided by its partners to renovate and enhance facilities for children and those in need. Valley Partnership has now contributed more than $4.5 million to the community through these projects.

In July, Valley Partnership announced at a surprise party that St. Vincent de Paul was the 2017 recipient.

NAI Horizon’s Laurel Lewis (left) puts some muscle into sanding a picnic table.

 

Fannie Mae to provide mobile home financing to tenants

The aging of the mobile home stock and lack of dependable and economical chattel financing has resulted in the inability of many mobile home owners to replace older, substandard homes in rental parks.

The aging of the mobile home stock and lack of dependable and economical chattel financing has resulted in the inability of many mobile home owners to replace older, substandard homes in rental parks.

Russ Warner | NAI Horizon

In what may soon be considered the most significant development in the manufactured housing industry in several decades, Jeffery R. Hayward, Fannie Mae’s Executive Vice President and Head of Multifamily, announced at the 2017 Manufactured Housing Communities of Arizona Conference (MHCA) in Chandler, Ariz., that Fannie Mae will soon be initiating a chattel lending program.

Fannie Mae has been in discussion for several months with manufactured housing industry professionals to develop a plan whereby it would provide a lending platform for federally insured chattel loans to mobile home buyers in land-rent mobile home parks.

A pilot program is under development and is expected to be implemented in 2018. Paul Barretto of Fannie Mae Product Innovation and Affordable Lending reminded participants that public comments are due July 10, 2017.

The decision to provide chattel financing for manufactured housing owners in land-rent parks was a result of the “Duty to Serve” provisions of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 as amended by the Housing and Economic Recovery Act of 2008.  This statute requires Fannie Mae and Freddie Mac to serve three specified underserved markets:  manufactured housing, affordable-housing preservation, and rural-housing markets.

The aging of the mobile home stock and lack of dependable and economical chattel financing since Green Tree Financial faltered in the late 1990s has resulted in the inability of many mobile home owners to replace older, substandard homes in rental parks. Park owners typically lack the capital to acquire and finance the acquisition of new homes; tenants typically lack the financial ability to buy new homes for cash.

Over the past several decades, homes built in the 1960s, 1970s and 1980s — when affordable chattel financing was available to mobile home owners — have deteriorated and/or have become obsolete.

New mobile homes sales have been relatively tepid the past few years not because of the lack of demand, but because financing options have not been affordable to most end users. Often, chattel lenders require FICO scores above 650 or 700 for borrowers to qualify. The result has been that vacancies in many mobile home parks have not been filled and lower income citizens have not been served.

The housing market recovery has pushed housing prices and apartment rents to new highs. And as the affordability of single-family homes and apartments has fallen, the pent-up demand for manufactured housing has risen.

The development of an efficient financing vehicle will help improve the affordability and availability of manufactured housing, expand the supply of safe low-cost housing, and increase the need for skilled workers in the manufactured housing industry and the industry’s suppliers.

A successful rollout of Fannie Mae’s chattel lending program will be a blessing to the industry and to those seeking more affordable and safe housing alternatives.

Additional information is available from Susan Brenton, Executive Director of Manufactured Home Communities of Arizona. Susan has been directly involved, along with the MHCA board of directors in helping to provide public input for the Fannie May “Duty to Serve” Program.

Susan can be reached at:       Susan Brenton
Executive Director
Manufactured Housing Communities Arizona
Phone: 480.345.4202
Email: [email protected]

Link to “Duty to Serve” Program Website: http://www.fanniemae.com/portal/about-fm/duty-to-serve.html

Russ Warner is a Senior Vice President in the Manufactured Housing Group at NAI Horizon. He has brokered MH communities and RV resorts for almost 20 years. He has been involved in the sale of more than $250 million in RV and mobile home parks.

The new lobby at The Peak, 7301 N. 16th St., in Phoenix.

Vibrant Uptown Phoenix office submarket hitting its ‘Peak’

By Barbara Lloyd

Spurred by expanding businesses and new startups, Metro Phoenix is seeing office vacancy rates tumble and rental rates steadily increase.

Case in point is the Piestewa Peak Corridor, which is experiencing a 5 percent rent growth the past year and overall vacancy down to 15 percent compared to more than 20 percent during the downturn. 

This submarket offers professional businesses a more affordable and quality office product that is easily accessible to Downtown and Midtown Phoenix, Sky Harbor International Airport, and the Camelback Corridor. Rents in the Piestewa Peak submarket are generally 30 to 40 percent lower than those in the Camelback/Esplanade area. 

Regus has recently joined the Piestewa Peak submarket, occupying more than 15,000 SF @ The Peak, located at 7301 N. 16th St. The property features new building finishes and upgraded lobby and restrooms. There are only two spaces remaining for lease in the building, both of which are coming available for the first time in more than 20 years.

The suites are 2,304 SF and a 6,257 SF space with first floor lobby exposure.

Amenities at The Peak include upgraded conference rooms.

The property has easy access to SR 51 and is minutes from Downtown Phoenix, the Biltmore Corridor, and numerous retail and restaurant amenities. It also features a covered parking garage with an expanded parking ratio due to the property owner’s recent acquisition of the Pointe Business Plaza.

The Pointe Business Plaza, right up 16th Street from The Peak, is also undergoing renovations to offer existing and new tenants a fresh look and updated property amenities. Available space at the Pointe ranges from 1,391-2,606 SF and suites are ready for move-in.

For more information you can contact the NAI Horizon team of myself ([email protected]), Lane Neville ([email protected]) or Nathan Pancrazi ([email protected]).

Barbara Lloyd is Senior Vice President of the Investment Services Group at NAI Horizon. She is an investment sales broker with a focus on asset disposition and acquisition. As a sales and leasing agent, she has closed more than $200 million in commercial real estate transactions and has sold and leased more than 1.5 MSF of properties.