Development Proceeds on 2 RV Parks in the Pacific Northwest
MINNEAPOLIS – Hunter Street, a Minneapolis-based alternative investment management firm, has partnered with Hickory CRE Lending to provide up to $29.8MM in financing to support the development and construction of two RV parks in Oregon and Washington for one of the largest owners of RV and mobile home parks in the Pacific Northwest.
The two new parks will consist of a 98 pad site in Oregon and a 170 pad site in Washington. The first location will be near three state parks, an added benefit for transient tourists and long-term residents. The second location will be across from the Clark County Fairgrounds and an 18,000 capacity amphitheater.
“When considering the unmet demand for extended-stay RV parks in the United States, coupled with our confidence in our partners at Hickory, we believe our investment is well positioned while also helping address ongoing challenges with housing affordability,” said Neal Johnson, CEO & CIO at Hunter Street.
Andrew Platt, Partner at Hunter Street said “The team we are financing has over 30 years of experience developing, owning, and operating RV parks, and they’ve cultivated a well-respected brand in the region. Given an aging population in the United States, as well as high inflation, mortgage rates, and home prices, our outlook for these projects is strong from both a macroeconomic and fundamental perspective.”
Tim Bass, Founder at Hickory said “We are pleased to find a partner in Hunter Street with whom we share an investment philosophy and approach to lending. The RV industry is highly fragmented and nuanced, and we believe our shared insights will help meet the RV parks’ development and construction objectives.”
About Hunter Street
Hunter Street is a Minneapolis-based alternative investment management firm that provides creative capital solutions to operating partner teams and small to mid-sized companies for special situations, asset-based financings, and secondary purchases. The firm is focused on special opportunities across corporate finance, real estate, and specialty finance. Learn more about Hunter Street at www.hunterst.com.
About Hickory CRE Lending
Hickory is a New York-based direct lender that provides stretch senior ($20MM to $120MM), mezzanine loans and preferred equity ($5MM to $50MM) across the U.S. for construction, repositioning, bridge and land. In-house servicing and involvement through the life of the loan generate repeat relationships. A streamlined process enables flexibility on leverage, economics, structure, non-CRE collateral and other terms. Learn more about Hickory CRE at www.hickorycre.com.
Source: https://rvbusiness.com/development-proceeds-on-2-rv-parks-in-the-pacific-northwest/
