Realty Capital Arranges Acquisition on Lakeview Terrace Mobile Home Park
In June of 2020, Realty Cap Investments LLC successfully acquired Lakeview Terrace Mobile Home Park. This mobile home park is located at 1250 Lakeview Drive, Deland, FL, and sits right on Lake Beresford. Lakeview Terrace has 64 pads, as well as three extra acres that were part of the transaction. The acquisition was facilitated by Licensed Real Estate Agent Guillermo de Nicolas, who successfully was able to put the deal together and close it in the middle of the COVID-19 pandemic. “I am proud we were able to acquire this asset, it has lots of potentials and it will be one of our best long-term assets,” Guillermo affirmed. Many adjustments were made in the five months the property was under contract. “It was challenging to navigate COVID-19 but I was able to stay on top of the deal and find the solution for each issue,” Guillermo said. The financing change in the middle of due diligence from a third party (Fannie Mae) to seller financing complicated the circumstances. “We were able to modify the contract and get seller financing at a good rate after several discussions with sellers and lawyers. It was crucial for us since the financing we had with Fannie Mae vanished due to COVID-19,” Guillermo stated.